{"id":1004702568,"date":"2024-02-16T04:13:50","date_gmt":"2024-02-16T12:13:50","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004702568"},"modified":"2024-02-16T04:54:58","modified_gmt":"2024-02-16T12:54:58","slug":"sabal-jv-pays-48m-for-seattle-office-asset","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/sabal-jv-pays-48m-for-seattle-office-asset\/","title":{"rendered":"Sabal JV Pays $48M for Seattle Office Asset"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a3c37372cde5&quot;}\" data-wp-interactive=\"core\/image\" class=\"alignright size-full is-resized wp-lightbox-container\"><img decoding=\"async\" data-attachment-id=\"1004702608\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/sabal-jv-pays-48m-for-seattle-office-asset\/1000-1100-dexter-ave-2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/02\/1000-1100-Dexter-Ave-e1708085719476.png\" data-orig-size=\"1200,900\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"1000 &#038; 1100 Dexter Ave\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;1000 and 1100 Dexter Ave. sold at $213 per square foot. Image courtesy of Sabal Investment Holdings&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/02\/1000-1100-Dexter-Ave-e1708085719476.png?w=1024\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/02\/1000-1100-Dexter-Ave-e1708082977651.png\" alt=\"1000 &amp; 1100 Dexter Ave\" class=\"wp-image-1004702608\" style=\"width:313px;height:auto\"\/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">The office buildings at 1000 and 1100 Dexter Ave. sold for $213 per square foot. <em>Image courtesy of Sabal Investment Holdings<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>A joint venture between <strong>Sabal Investment Holdings <\/strong>and <strong>Palisade Group<\/strong> has acquired 1000 &amp; 1100 Dexter Ave., a two-building office campus in Seattle, for $47.5 million. <strong>SBC <\/strong>and <strong>Stockbridge <\/strong>sold the 223,233-square-foot asset with the assistance of <strong>Newmark<\/strong>.<\/p>\n\n\n\n<p>In 2021, the property became subject to a $55 million note from <strong>The Hartford Financial Services Group<\/strong>, according to CommercialEdge data. Through the loan assumption, the buyers managed to acquire the property at roughly $213 per square foot, below the current market rates.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-cyan-bluish-gray-color has-alpha-channel-opacity has-cyan-bluish-gray-background-color has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/office-trends-in-2024-how-much-will-the-sector-change\/\">Office Trends in 2024: How Much Will the Sector Change?<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-cyan-bluish-gray-color has-alpha-channel-opacity has-cyan-bluish-gray-background-color has-background is-style-wide\"\/>\n\n\n\n<p>The five-story campus features 23,000-square-foot floorplates and a parking ratio of 2.7 spaces per 1,000 square feet. Built in 1996, 1000 Dexter Ave. was completely upgraded in 2003, while 1100 Dexter Ave. was completed in 1998 and underwent a cosmetic renovation in 2016. Amenities encompass showers, lockers, bike storage and outdoor decks. Tenants include CrossCountry Mortgage, Riviera Finance and Genemod, the same source shows.<\/p>\n\n\n\n<p>Located near Aurora Avenue North, the campus is less than 2 miles from downtown Seattle. The office buildings are also within walking distance of the Museum of History &amp; Industry and the Space Needle, as well as directly connected to multiple bike paths.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-seattle-office-market-s-mixed-performance\">Seattle office market&#8217;s mixed performance<\/h2>\n\n\n\n<p>Newmark Co-Head of U.S. Capital Markets Kevin Shannon, Managing Director Rachel Jones and Associate Director Liam Ogburn, along with Vice Chairmen Nick Kucha and Michael Moll, represented SBC and Stockbridge in the transaction.<\/p>\n\n\n\n<p>Throughout 2023, the Seattle office market registered $226 million in investments, at a per-square-foot price of $267 as of December, considerably above the national average of $196, according to <a href=\"https:\/\/www.commercialsearch.com\/news\/navigating-office-sector-transitions-in-2024\/\">a recent CommercialEdge report<\/a>. However, the vacancy rate in the metro stood at 22.5 percent, up 4.1 percent year-over-year and above the national figure of 18.3 percent.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A $55 million loan assumption was also part of the deal.<\/p>\n","protected":false},"author":3120,"featured_media":1004702608,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,21742,21747,1610,15],"tags":[50999,52063,44465],"class_list":["post-1004702568","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-latest","category-office","category-seattle","category-west","tag-newmark","tag-sabal-investment-holdings","tag-stockbridge"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Sabal JV Pays $48M for Seattle Office Asset - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Sabal Investment Holdings and Palisade Group have acquired 1000 &amp; 1100 Dexter Ave., a two-building office asset in Seattle.\" \/>\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\/sabal-jv-pays-48m-for-seattle-office-asset\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sabal JV Pays $48M for Seattle Office Asset\" \/>\n<meta property=\"og:description\" content=\"Sabal Investment Holdings and Palisade Group have acquired 1000 &amp; 1100 Dexter Ave., a two-building office asset in Seattle.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/sabal-jv-pays-48m-for-seattle-office-asset\/\" \/>\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=\"2024-02-16T12:13:50+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-02-16T12:54:58+00:00\" \/>\n<meta name=\"author\" content=\"Radu Corfus\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/02\/1000-1100-Dexter-Ave-e1708085719476.png\" \/>\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\/sabal-jv-pays-48m-for-seattle-office-asset\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/sabal-jv-pays-48m-for-seattle-office-asset\/\",\"name\":\"Sabal JV Pays $48M for Seattle Office Asset - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/sabal-jv-pays-48m-for-seattle-office-asset\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/sabal-jv-pays-48m-for-seattle-office-asset\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/02\/1000-1100-Dexter-Ave-e1708085719476.png\",\"datePublished\":\"2024-02-16T12:13:50+00:00\",\"dateModified\":\"2024-02-16T12:54:58+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/a04f9fc8d7ed936167c8786eb77e39c2\"},\"description\":\"Sabal Investment Holdings and Palisade Group have acquired 1000 & 1100 Dexter Ave., a two-building office asset in Seattle.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/sabal-jv-pays-48m-for-seattle-office-asset\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/sabal-jv-pays-48m-for-seattle-office-asset\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/sabal-jv-pays-48m-for-seattle-office-asset\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/02\/1000-1100-Dexter-Ave-e1708085719476.png\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/02\/1000-1100-Dexter-Ave-e1708085719476.png\",\"width\":1200,\"height\":900,\"caption\":\"1000 and 1100 Dexter Ave. sold at $213 per square foot. 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