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January 30, 2020
Redmond Heights Center sold in December for $37.5 million. The local buyer was Alco Redmond Heights LLC, which is associated with the Rosen family-run Alco Investment Co. of Bellevue. Continental Partners of Los Angeles recently announced that it secured an $18.75 million loan for the deal, which was worth about $296 per square foot. Continental's Carl Riggins arranged the 10-year fixed, non-recourse loan without naming the lender (public records say TIAA). He said in a statement, “This acquisition presented the sponsor with an opportunity to benefit from the increasing appetite for office space throughout greater Seattle.” He also noted that the flex-industrial complex at 8561 Willows Road was renting for about 25% below current market rates; it's now fully leased to 13 tenants.