Updated Feb 5, 2025
Preylock Real Estate Holdings Acquires Richmond Town Center In Redmond For $58 Million
7400 166th Avenue Northeast
$58,000,000
$520/SF
Building Size
111,368 SF
Asset Type
Office
Closing
Jan 22, 2025
About this deal
AI
The property involved in this transaction is an office asset located at 7400 166th Avenue Northeast, Redmond, WA. It was sold for $58,000,000, with a total square footage of 111,368 and a price per square foot of $521.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $58,000,000
- Buyer: Preylock Real Estate Holdings
- Seller: Fairbourne Properties
- Lender: Barclays Capital
- Loan Amount: $36,150,000
- Cap Rate: 7.5%
- Lease: Fully leased to Amazon through 2031
This transaction features key players including Preylock Real Estate Holdings, which has acquired the Richmond Town Center. The financing for the purchase was facilitated by Barclays Capital, with a loan secured at a 6.75% coupon rate.
On the Map
$58,000,000
$520/SF
Office
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Players
Redmond Office Market Snapshot
Boundary boundary · Office · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.27%
Cash-on-Cash
-0.08%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93