For Sale: Offers Requested – A 100% Leased Medical Office Building North of Seattle


The Offering

CBRE’s U.S. Healthcare Capital Markets is pleased to exclusively offer the opportunity to acquire the Sydney Medical Plaza (the “Property”). The Property is a single-story, 22,034 square foot medical office building that was constructed in 1981 and renovated in 2006. The Property is located in the affluent suburb of Mill Creek, Washington, approximately 20 minutes north of downtown Seattle.

The Property is 100% leased to a variety of healthcare providers and anchored by North Sound Dermatology, the largest private dermatology practice in the state, which occupies 48% of the total rentable square footage through June 2034. The Property has an average remaining lease term of 9.6 years with no tenants scheduled to expire in the next three years, providing a new owner with stable cash flow for the foreseeable future.

The Property resides within a high traffic retail corridor on Mill Creek Boulevard at the south entrance to Mill Creek Town Center, a lifestyle center with over 80 retail stores, boutiques, restaurants and services. The Property benefits from excellent access and average daily traffic volumes of approximately 13,000 vehicles. Mill Creek boasts excellent demographics with a median household income of $

88,345 (60% higher than the national average) and 14.5% total population growth since 2010 (according to the U.S. census bureau).

Investment Highlights

  • 100% Leased Medical Building
  • Measured Exposure with a Stable, Growing Cash Flow
  • Established Anchor Tenant & Acquisition Target
  • Highly Accessible, Amenity Rich Location
  • Excellent Parking Ratio
  • Below Market Rents
  • High Investor Demand for Medical Office
  • Appealing Healthcare Demographic Trends
  • Delivered Free and Clear Of Any Debt

Contact Information

CBRE Puget Sound Healthcare Properties Team

Paul Carr
Senior Vice President
+1 206 292 6005

Steve Perovich
Senior Vice President
+1 206 292 6059

Marcus Yamamoto
First Vice President
+1 206 292 6062

CBRE U.S. Healthcare Capital Markets Group

Chris Bodnar
Vice Chairman
+1 303 628 1711

Lee Asher
Vice Chairman
+1 404 504 5965

Ryan Lindsley
Senior Director
+1 303 628 1745

CBRE Debt & Structured Finance

Shane Seitz
Senior Vice President
+1 303 583 2033

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