Hot Property: Cap rate tops 8% for Kent, Wash., asset

Benson Business Park in Kent, Wash., includes three single-story buildings, primarily occupied by medical users. Photo courtesy of CBRE

Benson Business Park in Kent, Wash., includes three single-story buildings, primarily occupied by medical users. Photo courtesy of CBRE

Benson Business Park boasts a stable roster of medical and professional tenants

Name: Benson Business Park
Address: 25012-25022 104th Ave.
City: Kent, Wash.
Total leasable square feet: 24,411
Number of buildings: 3
Number of floors: 1
Land Area: 1.54 Acres
Occupancy: 89%
Year built: 1985-87
Parking ratio: 3.28/1,000 square feet
Brokerage: CBRE
Brokers: Craig Wilson, Steve Sutherland

It seems that most large healthcare real estate (HRE) investors are looking for that “trophy” medical office property these days. The Holy Grail has historically been a modern, 100,000 square foot-plus Class A medical office building (MOB) packed with successful medical specialists and prominently located on or near the campus of a market-leading hospital in an upscale geographic area.

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