OFFERS REQUESTED BY WEDNESDAY, OCTOBER 3RD, 2018 – 5:00 PM PDT
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
paul.carr@cbre.com
Steve Perovich
Senior Vice President
+1 206 292 6059
steven.perovich@cbre.com
Marcus Yamamoto
First Vice President
+1 206 292 6062
marcus.yamamoto@cbre.com
CBRE U.S. Healthcare Capital Markets Group
Chris Bodnar
Vice Chairman
+1 303 628 1711
chris.bodnar@cbre.com
Lee Asher
Vice Chairman
+1 404 504 5965
lee.asher@cbre.com
Ryan Lindsley
Senior Director
+1 303 628 1745
ryan.lindsley@cbre.com
CBRE Debt & Structured Finance
Shane Seitz
Senior Vice President
+1 303 583 2033
shane.seitz@cbre.com
The full content of this article is only available to paid subscribers. If you are an active subscriber, please log in. To subscribe, please click here: SUBSCRIBE
