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With Bellevue Booming, Sunset North Sells For $227M

With Bellevue Booming, Sunset North Sells For $227M
In a joint venture, Kennedy Wilson and Security Benefit acquired Sunset North in Bellevue for $227M.

Kennedy Wilson and Security Benefit recently acquired the Sunset North office complex in Bellevue for $227M.

The acquisition is the first for this joint venture, which is investing in stable, income-producing real estate properties. 

The three-building campus is located near State Route 405 and Interstate 90 at 3120-3180 139th Ave. SE. The buildings total 464K SF and are spread across 7 acres. They are LEED Silver certified and constructed between 1999 and 2000, with 10 tenants and a 99% lease rate.

The joint venture paid $77M worth of equity, which included $15M from Kennedy Wilson. It also used a 10-year, fixed-rate, interest-only $150M loan at 3.25% interest.

This is not the two firms’ first joint investment. Cain International, an affiliate of Security Benefit, partnered with Kennedy Wilson in 2018 in a joint venture to acquire a 6-acre mixed-use development site in the north dock lands area of Dublin, Ireland.

Kennedy Wilson is a real estate investment company that focuses on multifamily and office buildings in the Western U.S., UK and Ireland. It has 50 assets in Washington and began investing in the Seattle market in 2006.

Real estate is booming in Bellevue,  especially after Amazon announced plans to shift much of its headquarters east of the lake. Just this summer, Swift Real Estate Partners purchased the 520 Corridor portfolio for $59.3M and Binjiang L.P. purchased a multifamily development site at 10050 NE 10th St. in Bellevue, for $11.26M, according to public records. That same property sold for $5.4M in 2017.