Pine Forest Properties Sells Bellevue Office Park for $28M
- Sep 04, 2018
RBT Investments LLC has purchased I-90 Corporate Campus, an 89,186-square foot office park in Bellevue, Wash. Pine Forest Properties sold the two-building complex for $28 million. Kidder Mathews represented the seller in the transaction, while the buyer was represented by both Kidder Mathews and Colliers. The new owner will occupy one of the buildings, while an affiliate will occupy the second facility.
The office campus is located at 3350 S.E. 161st Ave., along the Interstate 90 corridor. The two-story property initially opened its doors in 1982 and received a major cosmetic renovation in 1999. According to data provided by Yardi Matrix, Pine Forest Properties paid $20 million last year to acquire I-90 Corporate Campus from TA Realty. During that time, the company leased one of the buildings and made improvements to the common area.
“The suburban office market continues to show its strength and desirability with both users and investors. I-90 Corporate Campus is strategically located off Interstate 90, offering immediate access to downtown Bellevue and Seattle,” said Joe Lynch, Senior Vice President at Kidder Mathews, in a prepared statement.
I-90 Corporate Campus features floorplans of 22,500 square feet minimum, divisible up to 45,089 square feet of maximum contiguous space. The property has 318 parking spaces. The I-90 corridor continues to attract large companies, and is home to Microsoft, T-Mobile and Verizon, among others.
Image courtesy of Yardi Matrix