Seattle, WA, Oct. 21, 2021 (GLOBE NEWSWIRE) -- Nicola Wealth Real Estate (NWRE) has acquired Northgate Executive Center in Seattle, Washington. This transaction, brokered by Kevin Shannon, Nick Kucha, and their team at Newmark, expands NWRE’s presence in the area and positions Seattle as the firm’s top US market.
The acquisition features a low-rise office park on 6.7 acres totaling 200,558 sf. spread across three buildings. The multi-tenant office park is currently 86% occupied at below-market rental rates, providing an excellent opportunity to grow revenue.
“This is our 15th property in Seattle, making it one of our largest US markets” highlights Matthew Schaeffers, Director of Acquisitions at Nicola Wealth Real Estate. “The acquisition presents an opportunity to add a well-located office portfolio immediately adjacent to the new Northgate LRT Station linking Northgate to the University District, downtown Seattle, and Seatac International Airport”
“Northgate Executive Center is an unparalleled, maturing urban location with immediate access to rapid transit, numerous amenities, and the opportunity for future re-development with the addition of significant multifamily rental product.” Schaeffers adds, “The property is located within a rapidly changing submarket that includes Northgate Mall undergoing a major renovation to accommodate the Seattle Kraken practice facility.”
NWRE continues to concentrate its growth in major US markets such as Las Vegas, Phoenix, Denver, San Francisco, Minneapolis, and Seattle with a focus on acquiring income-producing properties and executing development and value-add strategies.
To learn more about the Nicola Wealth Real Estate funds, visit realestate.nicolawealth.com
About Nicola Wealth Real Estate
Nicola Wealth Real Estate (NWRE) is the in-house real estate team of Nicola Wealth, a premier Canadian financial planning and investment firm with $11.0 billion (CAD) of assets under management (AUM). NWRE has an experienced and innovative team that sources and asset-manages a growing portfolio of properties in major markets across North America spanning a diversified range of asset classes which include industrial, multi-family rental apartment, office, self-storage, retail, and seniors housing. With the acquisition of Blackwood Partners, the current NWRE portfolio now exceeds $7.0 billion gross asset value.
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