The Schuster Group Acquires Office/Flex Buildings in Tukwila
SEATTLE, Oct. 25, 2011 /PRNewswire/ -- The Schuster Group has purchased a quality two-building suburban office/flex asset in Tukwila through its equity fund, Schuster Realty Partners LLC. The property, Fairway Center, is an approximately 78,000 square foot complex consisting of two buildings and is located along Interurban Avenue South in the commercial neighborhood of North Tukwila. The property was purchased for $7.5 million.
Completed in 1989, the asset is well located with easy access to I-5 and I-405 providing an outstanding central location to Seattle, Bellevue, Tacoma and SeaTac International Airport. The buildings are one and two-stories with approximately 19,000 square feet and 59,000 square feet of office and flex space, respectively. The asset features concrete and steel construction, over 240 parking stalls, a common lobby atrium, shower and locker facilities, and grade level loading doors for the flex space.
Fairway Center is currently 83% leased with an excellent mix of tenants which provides considerable upside potential through improvements and lease-up opportunities. The Schuster Group plans to enhance the property through a variety of improvements and renovations, including incorporating increased energy efficiencies to the building systems and sustainable practices throughout the various property upgrades.
Mark R. Schuster, CEO and Founder of The Schuster Group and Chairman of Schuster Realty Partners LLC had this to say about the acquisition, "Fairway Center is an excellent addition to our portfolio and further expands and diversifies it in line with our investment strategy."
The Schuster Group is a real estate investment, development, and merchant banking firm headquartered in Seattle. They have been developing and managing properties in the Seattle area for over 20 years and garnering national recognition and awards as leaders in the green building industry.
For more information you can visit www.theschustergroup.com.
SOURCE The Schuster Group
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