KENT CORPORATE PARK
Kent, WA
Investment Sale
Transaction Size: 138,157 Sq. Ft.
Transaction Value: $7,495,000
The Situation
NAI Puget Sound Properties was approached by Glenborough Properties to do something Glenborough was unable to do, to successfully close the sale of their 138,157 square foot, four-building business park in the Kent Valley. It seems simple, but nothing about Kent Corporate Park was easy. The property was burdened with tons of deferred maintenance on landscaping and appearance, a truck court that flooded whenever it rained, environmental issues with one of the tenants and finally, structural issues fell on the building as a result of the 2001 earthquake. Furthermore, two of the buildings needed new roofs and two tenants moved out prior to us receiving the listing.
Our Solution
NAI Puget Sound Properties advised Glenborough to open the property to competitive bids seeking proposals from prospective users. We then disclosed each of the specific problems with the property prior to soliciting bids and made sure that we had proposals or cost estimates in terms of fixing each of the perceived problems. Finally, we made a considerable effort in terms of highlighting the upside of this park. We made a concerted effort to highlight why this "ugly duckling" could turn into a swan.
The property subsequently sold for over the asking price.