Peregrine Realty Snags Seattle Flex Park

The six-building property is located in the city’s northern suburbs and provides more than 200,000 square feet of office, lab and logistics space.

North Creek Parkway Center
North Creek Parkway Center

In a $36.5 million deal, Peregrine Realty Partners Inc. has acquired North Creek Parkway Center, a 215,950-square-foot, Class A flex park in the northern suburbs of Seattle. HFF represented the seller, an affiliate of KBS Capital Advisors, and also procured the buyer.

The property is located at 11804-18916 North Creek Parkway, providing easy access to Interstate 405 and State Route 522. Built in 1986, the asset consists of four, one-story buildings and two, two-story buildings.

Strong tenant base, steady cash flow

With a 98 percent occupancy rate, North Creek Parkway Center includes 72 percent office space, 17 percent lab space and 11 percent warehouse space. Alder Biopharmaceuticals Inc. is one of the major tenants at the property, occupying 68,700 square feet and recently expanding its space by 13,152 square feet.

The acquisition was funded with a $23.7 million CMBS, first mortgage loan, originated by KeyBank Real Estate Capital. John Loshbaugh of Key’s Commercial Mortgage Group arranged the financing with a 10-year term, five-year interest-only period and 30-year amortization schedule.

HFF’s investment advisory team included Michael Leggett, Dave Otis, Logan Greer and Kevin Freels. Joe Lynch and Dan Harden from Kidder Mathews provided leasing market expertise on the sale.

Image via Google Street View