Commercial property roundup: SKB, Goodman are among this week’s buyers

October 18, 2013 — Source

King County Assessor’s Office

Goodman Real Estate of Seattle bought this building in Seattle’s Pioneer Square for $11.5 million, according to public records.

Portland-based Scanlan Kemper Bard Cos. has acquired two Kent Valley industrial properties as part of an effort to increase its presence in the Puget Sound region.

Also in the past week, Goodman Real Estate of Seattle bought a turn-of-the-century building in Seattle’s Pioneer Square. Goodman bought the 72,500-square-foot building at 216 First Ave. S. for $11.5 million, record show. The seller was PSQ Portfolio Limited Partnership, which records show is affiliated with Nicola Crosby Real Estate, of Vancouver, British Columbia.

Scanlan Kemper Bard acquired Andover Executive Park, an 11-building business park in Tukwila, as well as West Valley Distribution Center, a three-building property in Kent. The former is a 185,000-square-foot property, and the latter measures 138,000 square feet. Both are about half leased.

Records show that SKB paid $8.7 million for Andover Executive Park and $7 million for West Valley Distribution Center. The seller is an entity with the same address as Common Wealth Real Estate Investment Trust.

SKB hired Chris Holden, a commercial real estate veteran in Seattle, as portfolio manager of the properties.

SKB, a real estate merchant bank that recently opened a Seattle-area office, is “aggressively looking to grow” in the Puget Sound region, said Chief Operating Officer Jeff Taylor.

In addition to buying “value-add” properties, which are assets that need to be filled up with tenants, SKB is looking for properties to develop. Taylor said the company is looking for office development opportunities close to downtown Seattle and on the Eastside.

SKB said its most recent acquisitions in Seattle were made with a real estate fund managed by Oaktree Capital Management, of Los Angeles, and were part of a purchase of nine properties totaling 41 buildings in Denver; Sacramento, Calif.; San Diego and Kansas City, as well as Seattle. The company declined to provide the purchase price.

Goodman Real Estate