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August 18, 2018
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Kennedy Wilson Fund Buys WA Office/Flex Portfolio

5/15/18

Redmond East Business Campus, an eight-building, 292k sf office/flex portfolio in Redmond, WA, was acquired by a closed-end fund managed by Kennedy Wilson. The transaction was financed with acquisition funding of $34.5 mil.

Located at 6724 - 6565 185th Ave NE and 18578 - 18640 NE 67th Court, Redmond East is currently 98% leased to nine tenants. The property is located adjacent to downtown Redmond, providing an abundance of retail, dining, hospitality and living options. Tenants also have convenient access to the regional transportation corridors of SR-520 and I-405.

Thomas Pehl and Lou Senini of CBRE represented the seller in the transaction. Brad Zampa, Mike Walker, and Megan Woodring, also with CBRE, arranged the balance sheet bank financing on behalf of Kennedy Wilson. The seven-year, non-recourse, full-term interest only, floating-rate acquisition financing at a very competitive spread priced over 30-day LIBOR was provided by a national financial service provider.

“Redmond is one of the strongest performing submarkets in the Puget Sound region. With the sub-market’s office vacancy under six percent and warehouse vacancy under one percent, Redmond East provides Kennedy Wilson with a diversified and stable income stream in a market where demand and rental rates will continue to grow,” said CBRE’s Pehl.







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