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March 23, 2018

Talon, PCCP sell Redstone for $71M

By BRIAN MILLER
Journal Staff Reporter

Photo by JLL [enlarge]
There are two office buildings in Redstone Corporate Centers. Redstone I in Lynnwood (shown here) sold for $46.1 million. Redstone II in Mountlake Terrace sold for $24.6 million.

Talon Real Estate and its national partner PCCP have sold the Redstone Corporate Centers in Lynnwood and Mountlake Terrace for a combined $70.7 million, according to Snohomish County records.

Their Redstone Corporate Center LLC paid about $52 million for the two properties in 2013.

The buyer was RedStone WA Property LLC, which is associated with Westport Capital Partners.

JLL's Stuart Williams and Lori Hill represented the seller. The buyer had no representation.

• Redstone II, at 6100 219th St. S.W. in Mountlake Terrace, sold for $24.6 million. Developed in 1999, the five-story building has 118,438 rentable square feet and three levels of structured parking on a two-acre site. Tenants include Money Management International and Mountlake Terrace City Hall. JLL is the leasing agent. It is just west of Interstate 5, at Exit 179.

• Redstone I, at 19020 33rd Ave. W. in Lynnwood, sold for $46.1 million. Developed in 2002, the six-story building has about 200,000 rentable square feet, and sits on about 2.5 acres. Tenants include Century 21, Charles Schwab and Pemco. JLL is also the leasing agent. It is just west of Interstate 5, near Alderwood Mall, at Exit 181B.

Privately held Westport Capital Partners describes itself a value-add investor, and often partners with other firms. Earlier this month, it purchased the 30-story Lincoln Office tower in Chicago from Unico Properties for $67 million.

A decade ago, Westport Capital Partners was announced as an investor in Burien Town Square, but it apparently dropped out when that project was stalled by the recession. The firm doesn't list any investments on its website.

Privately held PCCP is a property investor and manager with about $6.4 billion of assets under management.


 


Brian Miller can be reached by email at brian.miller@djc.com or by phone at (206) 219-6517.




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