Roosevelt Commons In U-District Sells For $157M
Roosevelt Commons, a Class-A office building in the U-District, recently changed hands for $157M.
The 229K SF complex includes two mid-rise office buildings that are five and six stories. The complex also includes two parking structures with room for 432 cars.
The buildings, located at 4300 Roosevelt Way NE and 4311 11th Ave. NE, were purchased by Intercontinental Real Estate Corp. on behalf of one of its managed funds.
According to public records, the site was last sold to Roosevelt Commons LLC for $94.5M in 2005. Moving Comfort, Seattle Children’s Hospital and the University of Washington are its current tenants.
Intercontinental, which has recently partnered with RISE Properties on acquisitions, has been looking for investments in the U-District, according to a statement. It cites the future light rail station, up-zoning and the University of Washington’s master plan as the impetus that will reshape the area.
Intercontinental recently acquired more than 2,000 multifamily units and about 300K SF of commercial office space in the Pacific Northwest, including Heartline, a 72K SF, five-story office and retail building in Portland’s Pearl District.
Earlier this year, Intercontinental, based in Boston, partnered with RISE Properties Trust to buy West Ridge Park Apartments in West Seattle’s Delridge neighborhood. Intercontinental also purchased the 70K SF West Fulton Market in Chicago for $50.3M in November.