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Pine Forest Properties recently purchased the 131,053 SF Crown Pointe office park in Kirkland for $47.75M.
The four-building complex, at 4010-4040 Lake Washington Blvd. NE, Kirkland, sits in the 520 corridor — an area that is becoming one of the most in-demand markets on the Eastside.
The seller, TA Realty LLC, purchased the buildings in 2015 for $37M, according to public records. Pine Forest Properties is a locally owned firm associated with the Burnstead family, which develops, acquires, manages and leases office, industrial and multifamily buildings in the Pacific Northwest.
TA Realty recently purchased two Kent Valley industrial properties for $22M, the Pacific West Business Center in Kent and the White River Corporate Park in Auburn.
This transaction is the latest in a series of sales that have taken place in the 520 submarket. Recently Swift Real Estate Partners purchased the Bellevue 520 Corridor Office Portfolio for $59.3M. Last year, Swift Real Estate bought The Oakhurst Center in the 520 corridor submarket for $45.4M.
The area is seeing massive growth in the tech sector, with expansion commitments from Facebook in the Spring District, Amazon in Bellevue’s Central Business District and Facebook Technologies on Willows Road.
Rent growth in this submarket is up 22.4% over the last 18 months, according to NKF Executive Managing Director Joe Lynch. Vacancy in this submarket is 2.97%, with overall Eastside vacancy at 4.38%.
TA Realty was represented by Lynch and NKF Senior Managing Director Dan Harden, as well as Kidder Mathews Senior Vice President Andy Miller.
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