September 12, 2019 Comments (0) Views: 224 Seattle & Pacific Northwest News, Seattle News, Top Seattle

Kennedy Wilson, Security Benefit Form JV, Acquire Bellevue Asset for $227M

Beverly Hills, CA-based Kennedy Wilson formed a new joint venture platform with Kansas-based Security Benefit targeting stabilized, income producing, high-quality real estate investment opportunities in the Western U.S. The JV is initially targeting $500 million of investments. In its role as asset manager, Kennedy Wilson expects to invest alongside Security Benefit with a 20% interest in the investments of the JV.

The first acquisition by the JV is Sunset North, an institutional-quality, three-building campus in Bellevue, WA that was purchased for $227 million. The JV invested $77 million of equity and secured a 10-year, fixed rate, interest-only loan for $150 million at 3.25%.

The campus totals 464,000 square feet across seven acres at the intersection of Interstate 405 and Interstate 90. The property’s LEED Silver-certified buildings were constructed between 1999 and 2000, and are currently 99% leased to 10 long-term tenants with a weighted-average lease term of eight years.

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