Lincoln Property Company and Admiral Capital Real Estate Fund II, LP Acquire South Seattle Business Park
Aug. 22, 2018
SEATTLE--(BUSINESS WIRE)--Aug 22, 2018--Lincoln Property Company, led by Lincoln’s LPC West team in Seattle, along with joint venture partner Admiral Capital Real Estate Fund II, LP (“ACRE II”), have purchased South Seattle Business Park with plans for a multi-million-dollar renovation of the five-building campus on 2.7 acres in Seattle’s Georgetown neighborhood.
The project team plans to implement extensive improvements to the campus, which consists of office and light industrial space. These will include improvements to building exteriors and entries as well as adding outdoor community space and new landscaping throughout the property.
“South Seattle Business Park is an excellent asset in a burgeoning creative neighborhood,” said J.P. Harlow, senior vice president of LPC West. “We plan to reposition the property in a manner that will make this well-located campus even more desirable to existing and future tenants. With this acquisition, we are thrilled to continue Lincoln’s expansion in the Pacific Northwest, and to partner with Admiral on a key office project in South Seattle.”
South Seattle Business Park is located in the heart of a flourishing commercial area along Highway 99 that is easily accessible from downtown Seattle, the Port of Seattle, and the Seattle-Tacoma airport, creating convenient arrival and departure for employees. The property at 4634 East Marginal Way is 94 percent leased to a variety of tenants in a wide array of industries, including ride-sharing giant Uber’s Greenlight, a hub designed to provide in-person support to drivers. The property is also home to Arena Sports, a 26,000-square-foot indoor soccer facility.
This is the first joint venture between LPC West and Admiral Capital Group. With a focus on management, acquisition, and development, LPC West’s Pacific Northwest is rapidly growing with a portfolio of over 5.2 million square feet of commercial property. With ACRE II, Admiral Capital Group invests in value-add real estate across major property categories in top MSAs. The founders of Admiral Capital Group, NBA legend and philanthropist David Robinson and Dan Bassichis, have pledged 10 percent of their profits to philanthropic causes in areas where the fund invests.
“We are excited to expand our presence in Seattle and invest in this rapidly transforming Georgetown neighborhood,” said Daniel Bassichis, co-founder of Admiral Capital Group. “South Seattle Business Park provides an ideal opportunity to partner with Lincoln and invest the capital needed to modernize the property and create one of Seattle’s premier office campuses.”
Seattle’s Georgetown neighborhood is a dynamic market with a growing number of food, beverage, and shopping options. One of Georgetown’s creative corridors sits directly across from South Seattle Business Park, offering employees immediate access to local offerings such as Fulcrum coffee roasters, Two Beers Brewing Co., Seattle Cider Brewery, and Kei Fit, a popular training gym.
Seattle is the nation’s 15 th largest metropolitan area and has experienced rapid economic growth fueled by dynamic businesses headquartered in the region, including Amazon, Microsoft and Starbucks, along with smaller technology and biotechnology firms.
About Lincoln Property Company
Lincoln Property Company, founded in 1965 by its chairman Mack Pogue, is a privately-owned real estate firm involved in real estate investment, development, property management and leasing worldwide. Lincoln has offices in all major markets of the U.S. and throughout Europe. Lincoln’s cumulative development efforts have produced over 130 million square feet of commercial space and over 212,000 multifamily residential units. Lincoln Property Company is the second largest apartment manager in the United States. Access www.lpcwest.com for more information.
About Admiral Capital Group
Admiral Capital Group (“Admiral”) is a real estate and private equity investment firm with offices in New York, San Antonio and Seattle. Admiral was co-founded by David Robinson, US Naval Academy graduate, philanthropist and NBA Hall of Famer, and Daniel Bassichis, formerly of Goldman Sachs. Admiral invests in real estate through a series of discretionary funds co-sponsored with USAA Real Estate and other separate accounts, and targets value-add and core-plus opportunities in office, multifamily, hotel and retail properties. Admiral has acquired over $1.4 billion of real estate assets since 2008. Admiral's founders also have pledged 10% of their profits to philanthropic causes in certain areas where Admiral invests, building on Robinson's lifetime commitment to support education and lower-income communities. For more information, visit www.admiralcg.com.
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SOURCE: Lincoln Property Company
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PUB: 08/22/2018 12:21 PM/DISC: 08/22/2018 12:21 PM