AGM: Creating Value
Heritage Corporate Center
We quickly procured a buyer by reaching out to the adjacent parcel owner – a Bellevue family with whom we had an established, ongoing relationship.
Heritage Corporate Center’s large lot, proximity to the future light rail station, and fantastic BR-CR zoning, which allows for mixed-use housing, retail, office, and services, made it a strategic investment for our client. Through this acquisition, the client now owns 5.18 contiguous acres of cash flowing property on the corner of Bel-Red Road and 134th Avenue NE which can be developed into more than 500,000 SF of rentable area.
After we facilitated the sale, the goal was to coordinate the buy-out of the existing master lease and to attain new tenancies to correspond with a strong long-term game plan to control a large piece of land for future development while collecting cash flow. After rigorously marketing the property, AGM secured a lease with Sound Transit to occupy the top floor, and, soon after, engaged T-Mobile to lease the ground floor.
Assorted services provided by AGM included negotiating the lease buyout with the master lessor, negotiating compensation for the landlord from Sound Transit for the easement required for the light rail, managing the property, overseeing approximately $1,000,000 in common area improvements, and negotiating a new loan to secure the building’s financial future.
The building is now 100% leased for the next seven years and is ideally positioned to achieve strong cash flow or be available for large scale office or residential development.