CBRE Arranges Sale And Financing Of Redmond East Business Campus In Redmond, WA
14 May 2018
CBRE Capital Markets has arranged the sale of Redmond East Business Campus to a closed-end fund managed by Kennedy Wilson. Redmond East is an eight-building office and flex portfolio located near downtown Redmond, WA.
Thomas Pehl and Lou Senini of CBRE’s Seattle office represented the seller in the transaction. Brad Zampa, Mike Walker, and Megan Woodring of CBRE’s San Francisco office arranged $34.5 million in balance sheet bank financing on behalf of Kennedy Wilson. The seven-year, non-recourse, full-term interest only, floating-rate acquisition financing at a very competitive spread priced over 30-day LIBOR was provided by a national financial service provider.
“Redmond is one of the strongest performing submarkets in the Puget Sound region,” said Pehl, Senior Vice President. “With the sub-market’s office vacancy under six percent and warehouse vacancy under one percent, Redmond East provides Kennedy Wilson with a diversified and stable income stream in a market where demand and rental rates will continue to grow.”
Located at 6724 - 6565 185th Ave NE and 18578 - 18640 NE 67th Court, Redmond East is a 292,100-square-foot institutional quality property that is currently 98% leased to nine tenants. The property is located adjacent to downtown Redmond, providing an abundance of retail, dining, hospitality and living options. Tenants also have convenient access to the regional transportation corridors of SR-520 and I-405.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.