August 2, 2019
The developer plans to upgrade the mid-1980s property, which is 97% leased.
By BRIAN MILLER Real Estate Editor Daily Journal of Commerce
Photo provided by Menashe Properties
The sale price was $39 million. Tenants include Iron Bow Technologies, GE Aviation and Blue Nile.
The three-building Creeksides complex at CenterPoint Corporate Park, at 20415 72nd Ave. S. and related addresses in Kent, has sold for $39 million, according to King County records.
The seller was LBJ Creekside LLC, associated with Menashe Properties of Portland, which acquired the property in 2016 for almost $26.5 million.
The buyer was J&J Creekside LLC, associated with Lake Washington Partners of Issaquah, which confirmed the sale.
LWP was represented by Mike George and Scott Sulman of NAI Puget Sound Properties. Brokers were not announced. The deal was worth about $178 per square foot.
Developed circa 1985 on almost 13 acres, Creeksides has three four-story buildings with 218,551 square feet, according to Menashe.
JSH Properties leases the complex. Tenants include Iron Bow Technologies, GE Aviation, Mortgage Master, Harmon, Progressive International, Integra Telecom Holdings, Blue Nile, WGU Washington and AppleOne Employment Services.
LWP says the complex is 97% leased.
LWP is owned by the Lott family, whose Jordan Lott said in a statement, “We plan to invest in the property to further enhance the building’s amenities. We are exploring a new fitness center, more onsite food and beverage options, improved common areas and EV chargers.”
LWP estimates that the Kent Valley office market now has a 5.4% vacancy rate.
Last year LWP paid a little over $20 million for an Eastgate office building at 3305 160th Ave.
S.E. That’s right next to The Commons on 90, at 15900 S.E. Eastgate Way, which it purchased in 2017 for $46.5 million.
Creeksides is part of the larger CenterPoint Office Park, which has many buildings with multiple owners. It’s in the Kent Valley, a little south of Southcenter.
Brian Miller can be reached by email at brian.miller@djc.com or by phone at (206) 219-6517.