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Urban Renaissance Group and PCCP recently teamed up to buy the 297K SF Lincoln Executive Center in Bellevue from Miller Property Group. The development is now called Cascade Yard, which pays tribute to the site’s history as a lumberyard in the 1900s.
The campus, located at 3380 146th Place SE, sits on 14 acres and was developed in 1984. It has three mid-rise and two single-story Class-A office buildings and a stand-alone amenity building, with recent upgrades to the lobbies and elevators. It is currently 96% leased.
The new 3,700 SF amenities center includes a fitness center with shower and locker rooms, training and conference facilities and a café operated by Walla Walla Farms.
The office center last changed hands in 2016 for $80.5M, when Denver-based Miller Property Group purchased it from Lincoln Executive Center, according to public records.
This is the two firms’ second joint venture. The first recapitalized Seatac Office Center in Seatac.
Urban Renaissance Group’s largest asset is the 21-story Park Place Building in Seattle, which it purchased in November for $177M. It teamed up with Gaw Capital USA in February 2019 to purchase the circa 1923 Gladys McCoy building from Multanomah County for $9.85M.
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