{"id":1004347247,"date":"2019-08-22T01:44:26","date_gmt":"2019-08-22T09:44:26","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004347247"},"modified":"2019-08-22T01:44:26","modified_gmt":"2019-08-22T09:44:26","slug":"swift-real-estate-closes-bellevue-520-corridor-office-purchase","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/swift-real-estate-closes-bellevue-520-corridor-office-purchase\/","title":{"rendered":"Swift Real Estate Closes Bellevue 520 Corridor Office Purchase"},"content":{"rendered":"
\"\"<\/a>

Bel Kirk 520. Image courtesy of Swift Real Estate Partners<\/em><\/p><\/div>\n

Swift Real Estate Partners has acquired the Bellevue 520 Office Corridor Portfolio, a property group in Bellevue, Wash., for $59.3 million, from Schnitzer West and RMA. The 185,927-square-foot portfolio comprises two properties\u2014Bel Kirk 520 and Centra Office Park.<\/p>\n

Located at 11120-11130 N.E. 33rd<\/sup> Place, Bel Kirk 520 is a Class A asset totaling 94,221 square feet. The property was built in 1988 and underwent significant capital improvements in 2016, including a standalone building dedicated to amenities dubbed the HUB. Bel Kirk 520 is 100 percent occupied and features amenities such as a fitness center and 343 parking spaces. <\/p>\n

Centra Office Park is a three-story, two-building property located at the corner of State Route 520 and Interstate 405. The 91,706-square-foot building was built in 1983 and underwent major renovations in 2006 and 2015, according to Yardi Matrix information.<\/p>\n

\n

READ ALSO: <\/strong>Alexandria Real Estate Inks Full-Building Lease in Seattle<\/a><\/p>\n

\n

The portfolio is located within the 520 Corridor, a submarket in the Puget Sound region. Bel Kirk 520 was purchased for $26.7 million with the ground lease in place, while Centra Office Park sold for $32.6 million. Both properties were purchased by Schnitzer West and RMA in 2015 for a total of $38.5 million, also per Yardi Matrix data. <\/p>\n

A Newmark Knight Frank team of Kevin Shannon, Mike Moll, Ken White and Nick Kucha represented Swift Real Estate in the deal. Earlier this month, a 154,800-square-foot office campus, also in Bellevue, was sold by TA Realty<\/a> to a joint venture of SteelWave and Ares Management for about $55.3 million.<\/p>\n

The Seattle office market has one of the largest office pipelines<\/a> in the country at the moment, with more than 6 million square feet under construction as of May, according to a just-released Yardi Matrix report.<\/p>\n","protected":false},"excerpt":{"rendered":"

The buyer shelled out nearly $60 million for the refurbished two-building portfolio.<\/p>\n","protected":false},"author":745,"featured_media":1004347256,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21783,21742,21747,1610,15],"tags":[38163,33532,36007,46748,33777,34208],"class_list":["post-1004347247","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-investment","category-latest","category-office","category-seattle","category-west","tag-ken-white","tag-kevin-shannon","tag-newmark-knight-frank","tag-rma","tag-schnitzer-west","tag-swift-real-estate-partners"],"acf":[],"yoast_head":"\nSwift Real Estate Closes Bellevue 520 Corridor Office Purchase - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/swift-real-estate-closes-bellevue-520-corridor-office-purchase\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Swift Real Estate Closes Bellevue 520 Corridor Office Purchase\" \/>\n<meta property=\"og:description\" content=\"The buyer shelled out nearly $60 million for the refurbished two-building portfolio.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/swift-real-estate-closes-bellevue-520-corridor-office-purchase\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2019-08-22T09:44:26+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/08\/520_Portfolio-e1566441667900.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"835\" \/>\n\t<meta property=\"og:image:height\" content=\"625\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Holly Dutton\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/swift-real-estate-closes-bellevue-520-corridor-office-purchase\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/swift-real-estate-closes-bellevue-520-corridor-office-purchase\/\",\"name\":\"Swift Real Estate Closes Bellevue 520 Corridor Office Purchase - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/swift-real-estate-closes-bellevue-520-corridor-office-purchase\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/swift-real-estate-closes-bellevue-520-corridor-office-purchase\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/08\/520_Portfolio-e1566441667900.jpg\",\"datePublished\":\"2019-08-22T09:44:26+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/9259ffaba4775229ae3556b9555e566d\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/swift-real-estate-closes-bellevue-520-corridor-office-purchase\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/swift-real-estate-closes-bellevue-520-corridor-office-purchase\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/swift-real-estate-closes-bellevue-520-corridor-office-purchase\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/08\/520_Portfolio-e1566441667900.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/08\/520_Portfolio-e1566441667900.jpg\",\"width\":835,\"height\":625,\"caption\":\"Bel Kirk 520. 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