Swift Real Estate Acquires Seattle Office Asset
Built in 2001, the property changed hands for $23.6 million, more than four times the price it sold for in 2003.
Crestwood Corporate Plaza. Image courtesy of Marcus & Millichap
Swift Real Estate Partners has acquired Crestwood Corporate Plaza, a 153,317-square-foot office building in Bellevue, Wash., for $23.6 million. At the time of the sale, the building was 60 percent occupied. According to Yardi Matrix files, the property was sold by a private investor who had acquired the asset in a foreclosure transaction from Zions Bank for $5 million in 2003.
Marcus & Millichap represented both parties in the transaction. To close the deal, the brokerage firm had to arrange the sale of the neighboring law office, which the new owner plans to demolish to create more parking spaces, Senior Associate Leroy Lutu said in prepared remarks. Lutu added that the Bellevue office market is expected to increase three times over the next decade.
Completed in 2001, the five-story property is located at 14725 SE 36th St. Amenities include a fitness center and 228 underground parking spaces for a parking ratio of 1.49 spaces per 1000 square feet. The building is roughly 11 miles from downtown Seattle, close to Interstate 90 and 2 miles from its intersection with Interstate 405.
In January, Swift Real Estate obtained a $112 million loan to refinance Rancho Vista Corporate Center, an 817,000-square-foot campus in San Diego.
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