Schnitzer West, RMA Sells Four-Building Bellevue 520 Corridor Office Portfolio in Washington
BELLEVUE, WASH. — A joint venture between Schnitzer West and RMA has completed the disposition of Bellevue 520 Corridor Office Portfolio, two multi-tenant office assets located in Bellevue. Swift Real Estate Partners acquired the portfolio for $59 million.
Totaling 185,930 square feet, the assets are known as Bel-Kirk 520 and Centra Office Park. At the time of sale, the portfolio was 93 percent leased.
Situated on 7.2 acres at 11120 and 11130 NE 33rd Place, Bel-Kirk 520 consists of two two-story buildings offering a total of 94,221 square feet. Built in 1988, the property underwent a renovation in 2016 and features indoor and outdoor work spaces and an Avanti Market.
Located at 11808 and 11820 Northrup Way, Centra Office Park consists of two three-story office buildings totaling 91,709 square feet on 4.7 acres. Built in 1983 and renovated in 2016, the property features an Avanti Market, outdoor plaza with seating areas, new monument signage and a renovated lobby.
Kevin Shannon, Nick Kucha, Michael Moll, Rob Hannan and Bill Delacy of Newmark Knight Frank (NKF) represented the seller, while the buyer was self-represented in the deal. David Milestone and Brett Green, also of NKF, represented the buyer in securing new acquisition financing.