Equus Acquires Seattle-Area Complex for $38M
- Dec 28, 2018
Equus Capital Partners has acquired the Highlands Campus Tech Centre, a three-building office and flex complex in Bothell, Wash., for $38.1 million from Investcorp.
The 201,766-square-foot property is situated on 13.9 acres about 20 miles from downtown Seattle. The property consists of one two-story office building and two two-story flex R&D buildings with a parking ratio of 3.5 spaces per 1,000 square feet, according to Yardi Matrix data.
Located within Canyon Park, the complex provides convenient access to Interstate 405 and State Route 527. Built in 1999 and 2000, the property was 97 percent leased at the time of acquisition, with occupancy expected to drop to 70 percent in the near term due to pending lease expirations.
“Given the dearth of available space throughout the eastside market, Bothell has seen a recent surge in demand supported by the technology, life-science, aerospace, and communications industries,” said Robert Butchenhart, vice president of Equus, in prepared remarks. “The Highlands Campus Tech Centre represents an attractive investment opportunity for our firm in a growing sub-market within one of the most dynamic markets in the country.”
Equus plans to reposition the assets through planned physical improvements. Kevin Shannon, Nick Kucha and Bill DeLacy of Newmark Knight Frank represented the seller in the deal.
In October, Equus acquired a suburban Philadelphia office building with nearly 300,000 square feet.
Image courtesy of Equus