FOR SALE. Juniper Meadows. 165 NE Juniper Street, Issaquah, Washington For more information, please contact:

Transcription

1 FOR SALE For more information, please contact: Brian Toy Director Tom Wilson Director NE 8th St. Suite 1125, Bellevue, WA Main Fax cushmanwakefield.com

2

3 Overview is a rare opportunity to purchase a well constructed office in supply constrained Issaquah. The property sits in a highly visible location with excellent parking and immediate access to I-90. is 100% leased* with a diverse tenant mix and buyers will benefit from potential rental upside and a very low submarket vacancy of 6.3%. Highlights 15,521 total RSF Potential for owner occupancy High quality construction 1997 Limited office building supply ensures long term value Nearby retail amenities Additional parking available Highly visible location Easy Access to I-90 * lease pending

4

5 Property Details Property Address 165 NE Juniper Street, Issaquah, WA Parcel Number Land Area Zoning Building SF 39,000 SF IC Intensive Commercial 15,521 RSF Year Built 1997 Parking 47 on-site surface stalls Floors Two (2) Asking Price $6,400,000

6

7 Headquarters Location City of Issaquah Recently named Best Burb by Sunset Magazine, this former coal mining town has managed to hold onto its historic charm and distinctive character. Along with top tier retail amenities the city contains 1,700 acres of parkland, a zoo, a salmon hatchery (home to the annual Salmon Days festival) and serves as the gateway to the Cascade Mountains. Historic Front St. is home to many urban amenities including indie coffee shops, wine bars, and a Tony Award winning theater. Issaquah JUNIPER MEADOWS

8 NE Gilman Blvd Front St N JUNIPER MEADOWS Location, Location, Location Minutes to Costco World Headquarters Multiple retail amenities close by Short walk to Issaquah Preston Trail Multiple access points to I-90 Freeway Visible

9 Exit 17 East West

10

11 1 st Floor, Floorplan Suite 101 Lease Pending Suite 100 SeaCon

12 2 nd Floor, Floorplan Suite 202 Eastlake Mortgage Suite 200 Castus Suite 201 Encompass Engineering & Surveying

13 Fact Sheet Square Feet: Number of Floors: Structural System: Mechanical System: Roof: Ceiling Height: Window Size: Elevators: Security System: Life Safety Systems: Parking: Landscaping Features: Developer: General Contractor: Architect: Structural Engineer: Landscape Designer: 15,521 RSF 2 Floors Concrete tilt panels with steel frame. Type of construction: V-N Sprinklered Roof mounted HVAC units. Diffusers and return grilles shall be located as required by tenant as part of Tenant Improvements. Metal standing seam (original) 9 0 (to grid) on first floor; 9 0 (to grid) on second floor. 6 (glass height) One hydraulic Dover elevator, speed: 100 feet per minute. Tenant specific. Comprehensive and complete sprinkler and alarm system per NFPA requirements. 47 surface stalls on site. Additional parking available on street. Abundant use of native species including drought tolerant plants for energy conscious design. Seattle Commercial Development Sea Con, LLC PKJB Architectural Group Miles Consulting Engineers Berg s Landscaping Completion Date: 1997

14 Sale Comps Summary SUBJECT PROPERTY PRICE BLDG SF PRICE/SF 165 NE Juniper St Issaquah, WA $6,400,000 15,521 $412 SALE COMPS PRICE BLDG SF PRICE/SF SALE DATE CDC Bldg Slater Ave NE Kirkland, WA Medical Center of Issaquah 450 NW Gilman Blvd Issaquah, WA Forum South NE Bel-Red Rd Bellevue, WA Summit Health Bldg Northup Way Bellevue, WA Sunset Corporate Center E Sunset Way Issaquah, WA Bennoah Building nd Ave NE Kirkland, WA East Gilman Office Center 175 NE Gilman Blvd Issaquah, WA $5,012,500 12,124 $413 7/3/2018 $14,325,000 40,319 $355 6/29/2018 $3,160,000 7,642 $414 6/25/2018 $5,740,000 12,125 $473 5/17/2018 $2,150,000 4,500 $477 3/1/2018 $3,525,000 8,193 $430 2/28/2018 $7,870,000 23,704 $332 6/23/2017

15 2018 Estimated Operating Expenses Income (NNN) ITEM PSF ANNUAL Utilities $2.83 $44,000 Landscaping & Janitorial $1.93 $30,000 Parking Lot Maintenance $0.19 $3,000 Repairs and Maintenance $3.09 $48,000 Real Estate Taxes $2.32 $36,000 Insurance $0.45 $7,000 Management Fee $0.64 $10,000 Total $11.47 $178,000 SUITE SF RATE MONTHLY ANNUAL LED Renewal Option Suite 100 5,905 $25.56 $12,575 $150,905 9/30/2027 None Suite 101* 2,151 $24.00 $4,302 $51,624 11/30/2023 None Suite 200 3,430 $19.10 $5,459 $65,508 2/28/2023 None Suite 201 3,170 $21.22 $5,605 $67,260 2/28/2021 None Suite $21.02 $1,515 $18,179 7/31/2019 None Total 15,521 $22.18 $353,476 As of August 2018 * lease pending

16 For more information, please contact: Brian Toy Director Tom Wilson Director NE 8th St. Suite 1125, Bellevue, WA Main Fax cushmanwakefield.com Cushman & Wakefield Copyright No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.