North Creek Parkway Center, a 205.7k sf commercial Class B office/flex complex in Bothell was acquired by KBS Real Estate Investment Trust I for $41.1 mil ($200/sf). Bothell is a suburb located about 19 miles northeast of downtown Seattle and 10 miles north of downtown Bellevue.
Consisting of six one- and two-story tilt-up concrete buildings with glass and aluminum exteriors, the 13.52-acre complex was constructed in 1986 and 1987, and is 97.3 percent leased to such major tenants as ADP, Albany Molecular and Alder Biopharmaceuticals.
The six buildings are located at 18912, 18916, 18804, 18702, 18706 and 11804 North Creek Pkwy, within the 52-acre, master-planned North Creek business park, and offer 61k sf, 16.6k sf, 23.7k sf, 59.6k sf, 19.3k sf and 25.4k sf of space, respectively.
KBS, a publicly offered, non-traded real estate investment trust, represented itself in the purchase. Mark Flippo and Stuart Williams of Pacific Real Estate Partners in Bellevue handled matters for the seller in the transaction, which closed on August 28, 2008.
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