Assignment
Pacific Real Estate Partners, Inc. Investment Team was hired by RREEF to sell a 205,707 SF, six building suburban office and laboratory campus, located within the 52 acre North Creek Business Park in Bothell, Washington.
Objective
Achieve the highest sales price in the midst of a changing and potentially unstable market.
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Challenges
The main challenges were a high vacancy rate in the Bothell submarket and a decision by the second largest tenant, who occupied 16% of the project, to not renew its lease which was expiring within one year.
Results
Generated high interest and numerous offers resulting in final sales price of $41,114,000. In an extremely challenging marketplace, we were able to sell the upside potential in the Bothell market due to our firm’s tenant based demand study.
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