Sammamish Park Place Sold For $29M To LA Firm

From Onward Investors: Adding to its growing commercial real estate investment and development presence in the Pacific NW, Onward Investors has completed the sale of Building A at Sammamish Park Place, a two-building office complex located at the intersection of SE 51stStreet & 220th Avenue SE in Issaquah, Wash. The building was sold to Los Angeles-based Rich Uncles, LLC, a real estate investment trust (REIT), for $29 million. Onward purchased both buildings of the 202,544-square-foot office complex in the spring of 2017 for $21.1 million.

The two-story, 96,000-square-foot Sammamish “A” was built in 1987. Following the purchase, Onward updated Sammamish “A” and leased it in April 2018 to global retailer Costco Wholesale, which continues to occupy the space. Sammamish “B” is a four-story, 104,000-square-foot office building built in 1992. The building was sold to the Issaquah School District in December 2017 for $22.5 million through eminent domain.

Since its inception in 2011, Onward Investors has earned a highly regarded reputation as a solid player in the commercial real estate market in the Pacific Northwest. Onward has purchased over $400 million of commercial real estate located across nine U.S. markets. In the Puget Sound region, the company has purchased 585,000 square feet of incomplete multifamily, industrial manufacturing/distribution and office projects, yielding sales of more than $140 million.

• In January 2018, Onward sold Mercer Pointe, the former AAA office building, located in Bellevue, Wash., to Nicola Crosby Real Estate Management Ltd. for $26.7 million. Prior to that sale, Onward leased 100 percent of its 72,000-square-foot Mercer Pointe office building to OfferUp, a Seattle-based online marketplace.

• In 2016, the firm sold the Westview 522 business campus, a two-building industrial manufacturing and distribution facility in Woodinville, Wash. Pine Forest Properties, Inc., a Washington corporation, purchased the campus for $32.2 million.

• In 2011, the firm acquired The Commencement, a 128,000-square-foot, 62-unit, luxury apartment complex in Ruston, Wash. The firm sold the property in 2013 to Denver-based Real Capital Solutions for $28 million.

In addition to numerous other national developments in progress, Onward is currently partnering with Auburn, Wash.-based Latitude Development Co. to develop and build a 928-unit, $12.5 million self-storage facility in Federal Way, Wash. That project is currently under construction and is expected to be completed in May 2019.

Image via Onward Investors