Newport Place - For Sale
Newport Place - For Sale
4122 Factoria Boulevard
Bellevue, WA 98006
Brokers:Grant Yerke: (425) 646-5264 | firstname.lastname@example.org Tony Ulacia: (425) 646-5244 | email@example.com
|Space||Available SF||Rate||Floor Plan|
|Entire Building||41,081 SF||Pending|
UNIQUE, HIGH QUALITY ASSET
The asset is a rare 41,000 SF multi-tenant medical/office building that cannot be replicated in the Factoria area of Bellevue. It features a 4-story atrium, which provides an abundance of natural light throughout the interior of the building. The Property was built in 1982 and was constructed with concrete and steel frame, metal decking and concrete floors. The Property has been well maintained by the same owner over the past 21 years and requires limited near-term capital expenditures or tenant improvements.
OUTSTANDING LOCATION & VISIBILITY
Newport Place is situated in the heart of Bellevue’s Factoria area, and offers countless retail amenities within walking distance, as well as numerous access points to both I-405 and I-90. The building is highly visible on the main thoroughfare of Factoria Blvd and boasts prominent monument signage featuring notable building tenants.
DIVERSE LONG TERM TENANT MIX
The building offers a varied tenant mix, both in size and type of tenancy. The existing portfolio of tenants have demonstrated resilience throughout all economic market conditions. Over 50% of the total square footage of the building has been occupied by the same tenants for over 20 years. Suites range from approximately 900 SF to 7,600 SF and span technology, conventional office and medical / dental uses. Professional and medical services are the predominant users who cater to residents in the South Bellevue and Newport Hills area.
The building’s anchor tenants are financially sound and there are no rolling leases prior to the 1st quarter of 2020. Featured tenants include: Cathay Bank, Pediatric Associates, Edward Jones, Newport Pediatric Dentistry and Primary Care Associates.
EXISTING LOAN / DEFEASANCE
An existing loan is in place and must be assumed or defeased. Assumption requires a 1% fee (plus various lender charges). The current balance is approximately $7,150,000 with a 4.66% interest rate maturing 6/1/2022. Alternatively, a buyer may defease the loan at an approximate cost of $450,000.
The property features a well above-standard parking ratio of 4.3 stalls per 1,000 rentable square feet; all of which are surface stalls.