ISSAQUAH, WASH. — CBRE has arranged the sale of Sammamish Park Place, an office and flex property located at 22011 SE 51st in Issaquah. Eden Prairie, Minn.-based Onward Investors sold the asset to Costa Mesa, Calif.-based Rich Uncles NNN REIT for $29 million.
Costco occupies the 97,191-square-foot property, which is situated on 4.6 acres adjacent to Costco’s International Headquarters and several other Costco-leased buildings. The two-story building recently underwent significant capital improvements for new tenant build-out, totaling $3 million. Renovations included two new HVAC rooftop units, refurbished VAV boxes, upgraded HVAC controls, window sealing, landscaping, parking lot sealing and striping. Additionally, a new lobby was included in the remodel, as well as tenant improvements throughout the building, including the opening of the floor plates for future flexibility.
Tom Pehl and Lou Senini of CBRE’s Seattle office represented the seller in the transaction. Additionally, John Lo of CBRE’s Debt and Structured Finance team arranged acquisition financing for the buyer.