NORTHPOINTE
NORTHPOINTE CORPORATE CENTER
15815 25TH AVENUE WEST LYNNWOOD, WASHINGTON
NORTHPOINTE CORPORATE CENTER
The Of f ering CBRE, as exclusive advisor, is pleased to present the opportunity to acquire 15815 25th Avenue West located in Lynnwood, Washington (the “Property”) – a net leased single tenant office building. Consisting of a partial two-story Class A office building totaling 87,385 square feet, this newly constructed, high quality office building is 100% leased to Comcast of Washington II Inc. The lease is guaranteed by Comcast Corporation, which carries a BBB+ investment rating by Standard and Poor’s. This asset is being offered for sale at $23,000,000, which is a 7.6% year one cap rate.
15815 25TH AVENUE WEST LYNNWOOD, WASHINGTON
Investment Highlight s High Quality Asset: 15815 25th is part of a master planned office park that has been
institutionally owned and managed. The office building was developed in 2007 to address the specific needs of Comcast Corporation. The appealing build-out, efficient floorplans, territorial views, attractive landscaping and abundant parking provided by a 5.15/1,000 square foot ratio combine to provide a state-of-the-art facility for Comcast. Credit Income Stream: 15815 25th is 100% net-leased to a national leader in the cable
industry – guaranteed by Comcast Corporation (CMCSA on the NASDAQ) which has been the only tenant in the building since it was completed. Comcast has renewal options for 10 years after the initial expiration. The lease to Comcast is structured on a triple net basis with built-in increases, protecting the owner against rising operating expenses, as Comcast is fully responsible for 100% of these costs. Tremendous Seattle Economic Outlook: CBRE Econometrics Advisors predicts Seattle will achieve
overall positive job growth in office workers of 2.9% per year over the next six years. In addition, office employment will reach the previous peak in 2012 which is considerably ahead of most markets on the West Coast. Total net absorption is forecast to be positive 2.4 million square feet during this same period. A key driver of this job growth is Seattle’s highly educated workforce, with nearly 56% of the Seattle adult population holding a college level degree. Per-capita personal income in Seattle is 25% above the United States average, while per-capita productivity is 37% above the metropolitan average in the United States, which explains why Seattle has grown so robustly over the last decade.
N
NORTHPOINTE CORPORATE CENTER
propert y fac ts 15815 25th Avenue West Year Built:
2007
INVESTMENT INFORMATION:
TOURS AND MARKET INFORMATION:
Location:
15815 25th Avenue West, Lynnwood, WA (Snohomish County)
CRAIG WILSON
JOHN BAUER
Acreage:
+/- 5.85 acres
Square Footage:
87,385 rsf
Floors:
2
Construction:
Steel-framed superstructure, concrete tilt-up wall panels with EIFS and reflective glass façade.
Parking:
450 spaces (5.15/1,000 rsf)
Occupancy:
100%
Tenant:
Comcast of Washington II, Inc. (Guaranteed by Comcast Corporation)
Price:
$23,000,000
Year 1 Cap Rate:
7.6%
Senior Vice President 425.462.6922 [email protected]
DEMETRY VYZIS
Senior Associate 425.462.6924 [email protected]
First Vice President 425.462.6906 [email protected]
RIC BRANDT
First Vice President 425.462.6901 [email protected]
© 2011 CB Richard Ellis, Inc. This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.
Broker Lic. 00409987 990 W. 190th Street, Suite 100 Torrance, CA 90502 F 310.516.2475
15815 25TH AVENUE WEST LYNNWOOD, WASHINGTON
NORTHPOINTE CORPORATE CENTER
The Of f ering CBRE, as exclusive advisor, is pleased to present the opportunity to acquire 15815 25th Avenue West located in Lynnwood, Washington (the “Property”) – a net leased single tenant office building. Consisting of a partial two-story Class A office building totaling 87,385 square feet, this newly constructed, high quality office building is 100% leased to Comcast of Washington II Inc. The lease is guaranteed by Comcast Corporation, which carries a BBB+ investment rating by Standard and Poor’s. This asset is being offered for sale at $23,000,000, which is a 7.6% year one cap rate.
15815 25TH AVENUE WEST LYNNWOOD, WASHINGTON
Investment Highlight s High Quality Asset: 15815 25th is part of a master planned office park that has been
institutionally owned and managed. The office building was developed in 2007 to address the specific needs of Comcast Corporation. The appealing build-out, efficient floorplans, territorial views, attractive landscaping and abundant parking provided by a 5.15/1,000 square foot ratio combine to provide a state-of-the-art facility for Comcast. Credit Income Stream: 15815 25th is 100% net-leased to a national leader in the cable
industry – guaranteed by Comcast Corporation (CMCSA on the NASDAQ) which has been the only tenant in the building since it was completed. Comcast has renewal options for 10 years after the initial expiration. The lease to Comcast is structured on a triple net basis with built-in increases, protecting the owner against rising operating expenses, as Comcast is fully responsible for 100% of these costs. Tremendous Seattle Economic Outlook: CBRE Econometrics Advisors predicts Seattle will achieve
overall positive job growth in office workers of 2.9% per year over the next six years. In addition, office employment will reach the previous peak in 2012 which is considerably ahead of most markets on the West Coast. Total net absorption is forecast to be positive 2.4 million square feet during this same period. A key driver of this job growth is Seattle’s highly educated workforce, with nearly 56% of the Seattle adult population holding a college level degree. Per-capita personal income in Seattle is 25% above the United States average, while per-capita productivity is 37% above the metropolitan average in the United States, which explains why Seattle has grown so robustly over the last decade.
N
NORTHPOINTE CORPORATE CENTER
propert y fac ts 15815 25th Avenue West Year Built:
2007
INVESTMENT INFORMATION:
TOURS AND MARKET INFORMATION:
Location:
15815 25th Avenue West, Lynnwood, WA (Snohomish County)
CRAIG WILSON
JOHN BAUER
Acreage:
+/- 5.85 acres
Square Footage:
87,385 rsf
Floors:
2
Construction:
Steel-framed superstructure, concrete tilt-up wall panels with EIFS and reflective glass façade.
Parking:
450 spaces (5.15/1,000 rsf)
Occupancy:
100%
Tenant:
Comcast of Washington II, Inc. (Guaranteed by Comcast Corporation)
Price:
$23,000,000
Year 1 Cap Rate:
7.6%
Senior Vice President 425.462.6922 [email protected]
DEMETRY VYZIS
Senior Associate 425.462.6924 [email protected]
First Vice President 425.462.6906 [email protected]
RIC BRANDT
First Vice President 425.462.6901 [email protected]
© 2011 CB Richard Ellis, Inc. This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.
Broker Lic. 00409987 990 W. 190th Street, Suite 100 Torrance, CA 90502 F 310.516.2475
