Matthews™ Sells Medical Data Center 5% Above Listing Price

Seattle, WA – Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, recently closed a $9,800,000 sale of a data center backed by Fortune 200 company, DaVita, located at 1441 Court Avenue, Tacoma, WA. The transaction was completed by First Vice President and Senior Director Alexander Harrold.

 

Matthews™ represented the seller, who was looking to take advantage of the rapid appreciation of data centers and redistribute capital to their investors at a higher return than initially expected. The seller received 5.04 percent over asking and an average price per square foot of $523.

 

“The Seattle MSA industrial market is extremely active, housing one of the largest ports on the West Coast,” Harrold said. “That, paired with the increasingly profitable data center market, made it the perfect time for our client to sell for an incredible price.”

 

The buyer, an Asian-based real estate fund, was interested in the property to grow their investment portfolio and deploy capital within the U.S. This industrial property served as the perfect asset as it included a long-term credit tenant, with 12 years remaining on the lease and a two percent annual rent increase.

 

“DaVita is one of the strongest lease guarantors in today’s market, matching our buyer’s investment criteria,” Harrold said. “This rare data center included a sale price over asking, a low cap rate, a high price per square foot, and much more, making it a win-win for both parties involved in the deal.”

 

For more information on this listing or to contact Alexander Harrold, please visit www.matthews.com. This deal was sold in conjunction with Washington Broker of Record Benjamin Widmyer.

 

About Matthews™

Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, holds recognition as an industry leader in investment sales, leasing, and debt and structured finance. Founded in El Segundo, CA, and strategically positioned with over 400 agents and support staff in over 13 offices across the United States, Matthews™ continues to focus on expansion into new markets. For more information, please visit www.matthews.com.