Assignment
Due to King County designating QBS’ current facility a condemned site for the future Brightwater Sewer Treatment plant site, QBS was forced to find a new headquarters location in a short period of time. PREP’s assignment was to locate a freestanding industrial building of approximately 40,000 square feet in the Redmond market with immediate access to major arterials and close to retail amenities.
Objective
Locate a property suitable to Quality Business Systems' numerous and complex requirements and have all tenant improvements completed within a six month period and negotiate favorable lease terms. In addition, QBS needed to occupy the new premises by July 15, 2004.
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Challenges
QBS' operations demanded an unusual type of industrial building that made the market research process more complex than usual. The company required Class A office space with a 24-foot clear height that was in close proximity to retail amenities, a rarity in any industrial market. Due to the forced relocation by King County, the transaction was time sensitive.
Results
Pacific Real Estate Partners' ability to surmount each challenge resulted in the single largest industrial deal in the Redmond market for the first quarter of 2004. Owing to an exhaustive search of the market and our careful attention to the time constraints, we were able to secure 39,541 square feet in Woodinville and have Quality Business Systems moved in on schedule with universally accepted terms.
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