Sammamish Park Place Office Building Sells For $29M
Onward Investors recently sold the A building at Sammamish Park Place for $29M. It is one of two buildings in the Sammamish Park Place office complex. Los Angeles-based Rich Uncles LLC bought the property.
Onward purchased both buildings, totaling 202,544 SF, in spring 2017 for $21.1M. The office park is at SE 51st Street and 220th Avenue SE in Issaquah.
The two-story, 96K SF A building was built in 1987. After purchasing the complex in 2017, Onward updated the A building and leased it to Costco Wholesale in the spring of 2018. The four-story B building is 104K SF and was sold to Issaquah School District in December 2017 for $22.5M through eminent domain.
Since its inception in 2011, Onward has purchased $400M of commercial real estate in nine states. In the Puget Sound, the company has purchased 585K SF of incomplete multifamily, industrial manufacturing/distribution and office projects that have resulted in sales of more than $140M.
In January 2018, Onward sold Mercer Pointe in Bellevue to Nicola Crosby Real Estate management for $26.7M. In 2016, Onward sold the Westview 522 business campus to Pine Forest Properties for $32.2M. The Commencement, a 128K SF, 62-unit luxury apartment in Ruston, was sold to Denver-based Real Capital Solutions for $28M in 2011.
Currently, Onward is partnering with Auburn-based Latitude Development to develop and build a 928-unit, $12.5M self-storage facility in Federal Way. The project is under construction and should be complete in May.