Seattle Public Health Center Trades for $16M
- Aug 26, 2020
St. John’s College has completed its $15.5 million disposition of a 25,487-square-foot office building in Seattle’s Bellevue neighborhood. King County acquired the property, which serves as the Downtown Public Health Center, according to public records. The asset last changed hands in 2014, when Nicola Wealth sold it for $10.1 million, Yardi Matrix shows.
The tenant has been at the location since 1990, when it signed a triple-net lease with an expiration date in May 2021. The health authority provides several medical services at the site, including family medicine, maternity screening, dentistry services and COVID-19 testing.
Located at 2124 Fourth Ave., the four-story building was completed in 1952. The property is within 2 miles of the Swedish Hospital, a 1,571-bed medical center, and the 336-bed Virginia Mason Medical Center in downtown Seattle.
The asset is also a short distance from 400 University at Rainier Square, a 122,000-square-foot office project which broke ground in June. The development team is a partnership between Intercontinental Real Estate Corp. and Wright Runstad & Co.