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January 31, 2017

SteelWave sells two properties for $43.3M

Seattle Daily Journal of Commerce

Brian Miller

Legacy Partners Commercial of Foster City, California became SteelWave in a reorganization two years ago, and now SteelWave has sold two more properties from the old Legacy portfolio, according to King County records.

The combined value was $43.3 million.

Legacy Partners Residential, which is active in this region, was not affected by the reorganization deal.

In Seattle, the commercial portion of Arbor Place, at 2505 Second Ave., sold for $21.875 million to 2505 Second Avenue Seattle LLC, which lists as a governor an entity called SW Portfolio Investor Holding.

Developed by Intracorp in 1989, the seven-story tower at Wall Street has about 73,000 square feet, according to SteelWave's website. Tenants include Bank of America, Hanover Insurance, The Schuster Group and a UW medical clinic.

Legacy acquired the property in 2005 for $14.85 million.

The Arbor Place condominium tower at Vine Street was not part of the sale.

CBRE's Lou Senini and Tom Phele represented SteelWave in the sale.

In Bellevue, Evergreen Park Office sold for $21.375 million. Located at10940 and 1100 N.E. 33rd Place, the 4.3-acre property was developed in phases in 1981 and 1986. It has two low-rise buildings with about 88,000 square feet.

Evergreen Office Park is northwest of the interchange between state Route 520 and Interstate 405, near Yarrow Bay. Tenants include Nomura, Luther Burbank Savings, Aerotek and Red Cloud Consulting. Legacy acquired the property in 2006 for $16.35 million.

The buyer was Evergreen Park Office Bellevue LCC, which also lists SW Portfolio Investor Holding as its governor. The identity of that party may not be known until the excise tax is recorded with King County.

Joe Lynch and Andrew Miller of Kidder Mathews represented SteelWave in the sale.

Last year SteelWave sold two buildings at Redmond's Quadrant Willows Corporate Center for $25.65 million. In 2015, SteelWave and partner North Star Realty acquired Canyon Park Business Center in Bothell for $130.6 million. Also in 2015, SteelWave sold the Crown Pointe office park in Kirkland for $37 million.

SteelWave still lists on its website office buildings at 101 Elliott Ave. W. (with the P-I globe on its roof) and 200-220 W. Mercer St. (Queen Anne Square), though both were sold in recent years.

© 2017 Seattle Daily Journal of Commerce. All rights reserved.

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