Assignment
Hired by Hart Properties, Pacific Real Estate Partners, Inc. successfully executed the disposition of the Benchmark Building, a 78,676 SF flex building located in the Marymoor Park area of Redmond, WA. This unique investment opportunity offered a high quality tenant, Benchmark Electronics, and was 100% leased at the time of the sale.
Objective
To create a highly competitive bid process that would attract the greatest number of bidders, resulting in the highest valuation.
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Challenges
Although the building was 100% occupied, the lease term remaining was below investor expectations. In addition, this buildng had significantly greater amount of production area than other buildngs in the market, therefore leading some investors to assume it was overbuilt.
Results
Pacific Real Estate Partners, Inc. conducted a bidding process through focus on the strength of the market and the corporate neighbors such as Microsoft. The new owners were 1031 exchange buyers looking to place their capital in a market that was close to home and provided a stabilized cash flow. Our team achieved the owner's pricing expectations by choosing the buyer that was very capitalized, motivated to close, and viewed the Benchmark Building as a perfect fit.
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