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November 20, 2018
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Seattle Biz Campus Acquired by Venture Led by Lincoln Property Company

8/30/18

Lincoln Property Company, led by Lincoln’s LPC West team in Seattle, and Admiral Capital Real Estate Fund II LP have teamed up in the $17.5 mil purchase of South Seattle Business Park in Seattle’s SoDo/Georgetown neighborhood. It was sold by SMARTCAP LPC.

The property consists of five buildings, totaling 97.7k sf of ($179/sf) space, on just over 2.7 acres at 4634 East Marginal Way. It is located in the heart of a flourishing commercial area along Hwy 99 that is easily accessible from downtown Seattle, the Port of Seattle, and the Seattle-Tacoma airport, creating convenient arrival and departure for employees.

South Seattle Business Park includes 51.6k sf of office space and 46.1k sf of light industrial space. The property is 94% leased to a variety of tenants in a wide array of industries and includes ride-sharing giant Uber’s Greenlight, a hub designed to provide in-person support to drivers. The property is also home to Arena Sports, a 26k sf indoor soccer facility.

According to J.P. Harlow, Senior Vice President of LPC West, the company plans to reposition the property in a manner that will make the well-located campus even more desirable to existing and future tenants. The new owners have plans for a multi-million dollar renovation of the campus. Improvements will feature upgrades to the exteriors along with new outdoor common area space and landscaping.

Seattle’s Georgetown neighborhood is a dynamic market with a growing number of food, beverage, and shopping options. One of Georgetown’s creative corridors sits directly across from South Seattle Business Park, offering employees immediate access to local offerings such as Fulcrum coffee roasters, Two Beers Brewing Co., Seattle Cider Brewery, and Kei Fit, a popular training gym.





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