FEDERAL WAY, WA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for Federal Way Center, (above photo) a 75,071-square foot office building in Federal Way. The listing price of $19 million represents $253 per square foot.
Michael Kapnick, a vice president of investments and director of Marcus & Millichap’s National Office and Industrial Properties Group in Portland, is representing the seller, a local investment group.
“Federal Way Center provides an investor with a clear value and a rare opportunity to purchase a Class A office building at an attractive yield and below replacement cost in the No. 1 office market in the country, according to Marcus & Millichap’s 2008 National Office Property Report,” says Kapnick.
Located at 2505 320th St. South, the office building is situated on a 123,069-square foot lot with easy access to Interstate 5.
Due to its strategic location, Federal Way Center features a strong mix of local and national credit tenants on triple-net leases, which has resulted in a stabilized occupancy of nearly 100 percent since 2005.
Tenants include Berry Co. Bell South, Digital Escrow LLC, First Horizon, Prudential NW Association, RL O’Connor, Wells Fargo and Westsound Bank. Nearby retail amenities include Starbucks, Bank of America, Pier 1 Imports, Red Lobster, TJ Maxx and Bally Total Fitness.