Build 'em, lease 'em to Amazon, sell 'em. Vulcan Real Estate continues that strategy with the sale of Amazon Phase VI, which German fund manager Union Investment Real Estate snapped up for $299M.
We chatted with Vulcan investment strategy director Lori Mason Curran, who tells us Seattle continues to be a highly desirable investment market, as evidenced by the numerous institutional and international investors that have bought assets here in recent months. "With a credit tenant like Amazon and the retail space fully leased, the Amazon Phase VI building was well-positioned for disposition," she adds. Beginning in 2012, Vulcan sold the first five phases. The seventh and eighth are complete and fully leased, but not on the market.
Union Investment's Martin Brühl, head of investment management international, says that Seattle's "highly attractive to young, well-educated employees, so it provides ideal conditions for our increasing international focus." The fund acquired the property on behalf of the open-ended fund Unilmmo: Europa, which is no stranger to Seattle. It owns Millennium Tower and two years ago sold Fifth & Pine.
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