HFF announces $36.5M sale of North Creek Parkway Center in Seattle
PORTLAND, OR – December 6, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announces the $36.5 million sale of North Creek Parkway Center, a 205,554-square-foot, Class A, six-building flex park located within the North Creek micro market east of Seattle, Washington.
The HFF team represented the seller, an affiliate of KBS Capital Advisors, and procured the buyer, Peregrine Realty Partners, Inc.
North Creek Parkway Center is located at 11804-18916 North Creek Parkway with easy access to Interstate 405 and State Route 522 in Bothell, a community that has seen household growth of nearly 20 percent since 2000 and a 12.8 percent year-over-year increase in home values. The 97-percent-leased property benefits from above average tenant retention and absorption due to its location in the supply constrained flex market in North Creek, which has a direct vacancy rate of 5 percent. Almost half of North Creek Parkway Center’s tenants have leased space in the park for 10 plus years, including anchor Alder Biopharmaceuticals, a leader in migraine prevention drug technology.
The HFF investment advisory team representing the seller included Michael Leggett, Dave Otis, Logan Greer and Kevin Freels. Joe Lynch and Dan Harden from Kidder Mathews provided leasing market expertise on the transaction.
About KBS Capital Advisors
Founded by Peter Bren and Charles J. Schreiber Jr. in 1992, KBS is one of the nation's preeminent buyers of commercial real estate and structured debt investments. In August 2014, KBS was ranked by Institutional Real Estate, Inc. and Property Funds Research as among the top real estate investment managers globally, and in December 2016, National Real Estate Investor ranked KBS the ninth-largest office owner globally. KBS has a strong reputation in the industry for efficient and timely closing on large and complex transactions in the office, industrial, multifamily and retail sectors. KBS also originates and acquires debt positions collateralized by stabilized and value-added properties.
KBS Realty Advisors has created six institutional commingled funds, 14 separate accounts with public and corporate pension funds and five sovereign wealth funds. KBS Capital Advisors was formed in 2006 as the exclusive advisor for KBS' publicly registered non-traded REITs, which are designed to give individual investors the ability to invest in a similar type of real estate as KBS pension fund and institutional partners.
About Peregrine Realty Partners, Inc.
Peregrine Realty Partners is a West Coast-based commercial real estate firm founded in 2009. In alignment with the diverse backgrounds of its principals, Peregrine Realty Partners creates and maximizes value for its private and institutional clients on many fronts. They are investors in multi-tenant office and industrial properties throughout the western United States and also specialize in asset and advisory services on behalf of individual high-net-worth investors and institutional capital partners.
HFF and its affiliates operate out of 25 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.