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11/24/15
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A joint venture between Urban Renaissance Group and Iron Point Partners has acquired SeaTac Office Center, a 539k sf office complex immediately adjacent to SeaTac International Airport in the Seattle, WA area. The property traded for $47.1 mil, or about $87/sf.
SeaTac Office Center is a three-building, high-rise office campus that is 63 percent leased to multiple tenants including national credit tenants and governmental agencies. The property features a fitness facility with showers and lockers, and a full-service deli and restaurant as well as views of Mount Rainier and the Olympic Mountains.
The buildings are located at 17900, 17930 and 18000 Pacific Highway South, 15 miles south of Seattle in SeaTac. The transit-oriented location provides tenants access to the adjacent Link Light Rail, Metro Bus Rapid Transit and nearby vehicular arteries including Interstate 5 and Highway 99.
The purchase was funded with $38.87 mil in acquisition financing arranged by Bruce Ganong and Erica Christensen of HFF. The the floating-rate bridge loan was funded through Bank of America. HFF was also involved in the sale of the property, representing the seller, ScanlanKemperBard Companies.
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