April 21, 2017
Willows Commerce Park, a four-building, Class A office and warehouse park located in Redmond, WA, was acquired by Kennedy Wilson’s Fund V. CBRE Capital Markets secured a $48.9-million loan for the 421,415-square-foot property.
The asset is located at 9825, 9845, 9911 and 9931 Willows Road NE. Key tenants include Microsoft, Oculus, Digipen and LabCorp.
CBRE’s Brad Zampa, Mike Walker and Megan Woodring arranged the five-year, non-recourse, full-term interest only, floating-rate acquisition financing, priced over 30-day LIBOR on behalf of the borrower. The financing was provided by a national financial service provider. CBRE’s Tom Pehl and Lou Senini represented the unnamed seller.
Zampa notes, ““In this phase of the cycle, we have been continually surprised by a steady stream of new outlier capital sources reaching into our west coast markets.”
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