Swift Real Estate Closes Bellevue 520 Corridor Office Purchase
- Aug 22, 2019
Swift Real Estate Partners has acquired the Bellevue 520 Office Corridor Portfolio, a property group in Bellevue, Wash., for $59.3 million, from Schnitzer West and RMA. The 185,927-square-foot portfolio comprises two properties—Bel Kirk 520 and Centra Office Park.
Located at 11120-11130 N.E. 33rd Place, Bel Kirk 520 is a Class A asset totaling 94,221 square feet. The property was built in 1988 and underwent significant capital improvements in 2016, including a standalone building dedicated to amenities dubbed the HUB. Bel Kirk 520 is 100 percent occupied and features amenities such as a fitness center and 343 parking spaces.
Centra Office Park is a three-story, two-building property located at the corner of State Route 520 and Interstate 405. The 91,706-square-foot building was built in 1983 and underwent major renovations in 2006 and 2015, according to Yardi Matrix information.
The portfolio is located within the 520 Corridor, a submarket in the Puget Sound region. Bel Kirk 520 was purchased for $26.7 million with the ground lease in place, while Centra Office Park sold for $32.6 million. Both properties were purchased by Schnitzer West and RMA in 2015 for a total of $38.5 million, also per Yardi Matrix data.
A Newmark Knight Frank team of Kevin Shannon, Mike Moll, Ken White and Nick Kucha represented Swift Real Estate in the deal. Earlier this month, a 154,800-square-foot office campus, also in Bellevue, was sold by TA Realty to a joint venture of SteelWave and Ares Management for about $55.3 million.
The Seattle office market has one of the largest office pipelines in the country at the moment, with more than 6 million square feet under construction as of May, according to a just-released Yardi Matrix report.