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February 25, 2008

Kauri pays $15.3M for Bellevue offices

By JOURNAL STAFF

SEATTLE — Seattle-based Kauri Investments has purchased a 60,500-square-foot-building in Bellevue for $15.3 million, according to the firm. That's $253 a square foot.

The seller of the 3109 160th Ave. S.E. building is 160th Avenue Associates, which purchased it in 2000 for $9.4 million, according to public records. The seller agreed to replace the HVAC and roof as part of this latest transaction, Kauri said in a news release.

The building has been occupied since 1991 by the Washington Department of Ecology whose lease runs until July of 2011.

The acquisition is part of a 1031 Exchange. It is Kauri's first buy in Bellevue, and the firm is looking at other opportunities, according to Kauri President Kent Angier.




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