Now’s the time to sell commercial real estate assets—if the properties are ready, that is. Recently, Seattle-based Metzler Real Estate sold the three-building, 305k SF Bellevue Park Corporate Center in Wilmington, Del. to the Buccini/Pollin Group for more than $61M. The time was right because the well-located Delaware property is now occupied by with creditworthy businesses on long-term leases, Metzler CEO Don Wise tells us. The deal comes on the heels of a sale by the company late last year of the 323k SF 3800 1st Ave S in Seattle for nearly $39M to JLL Income Property Trust.
Such properties are currently in strong demand among sophisticated investors, making now a good time to capture the value owners have created, Don says. By securing long-term leases with national tenants, he says, Metzler stabilized the project at 98% occupancy in a competitive market characterized by 88% occupancy. Metzler sold the property on behalf of its sponsored fund, Metzler US Real Estate Fund, which reps German institutional investors.
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