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March 15, 2013

Capstone buys Group Health site for $33M

SEATTLE — Capstone Partners and its investment partner, Lionstone U.S. Land Two, L.P., said they bought 28 acres in Redmond from Group Health Cooperative and eventually plan to build more than 3 million square feet of space: 1.1 million square feet of office and retail; 1,400 housing units and about 300 hotel rooms.

Property records show the price was $32.5 million.

Capstone said its team has started design, and plans to start construction late this year or early next year. Site demolition, road and utility construction will start in the next several weeks.

The property is between Microsoft’s main campus and Overlake shopping center.

Capstone said Redmond began working on the plans in 2009 adopted a Master Plan and Development Agreement in 2011. Last summer Group Health and its real estate advisor CBRE selected Capstone and Lionstone to do the development.

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