The company recognizes an opportunity in the community’s path of progress.
REDMOND, Washington, December 11, 2020 – Nicola Wealth Real Estate (NWRE) recently acquired Studio 7500, located at 7500 166th Avenue NE, a single-tenant office building across the street from the highly anticipated Regional Light Rail Downtown Redmond station slated to open in 2024. The nearly 35,000 square foot (sf) stand alone building on two acres is home to Volkswagen of America, who has committed to the Redmond community, locking into a long-term lease.
The recent expansion of the major tech companies into the region has strained the local office supply. With 2.9% submarket office vacancy, both Redmond and nearby Bellevue CBD are tied for the lowest direct vacancy of the entire Eastside market. The locational attributes of this asset are second to none; in close proximity to established and growing footprints of such tech giants as Microsoft, Amazon, and Facebook (Oculus), and at the center of Downtown Redmond adjacent to Redmond Town Center and a future light rail station..
“Our team is focused on sourcing and underwriting reliable income-producing assets in key US markets” shares Matthew Schaeffers, Director of Acquisitions, “we are truly excited about this acquisition given it’s irreplaceable two acre urban site across from a future LRT station, and unique single tenant amenitized offering in a supply constrained submarket, we see a lot of opportunity in this area.”
This investment further grows Nicola Wealth’s U.S. Real Estate portfolio with the objective of preserving capital and providing a steady stream of income from a diversified mix of cash-flowing Industrial, Multi-Family Rental Apartment, Office, Seniors Living, Retail and other commercial real estate located in major urban markets in the US. Notably, the group also acquired another flex-office property at 9511-9521 Willows Road, North East in June 2019, further affirming their interest in the Eastside.
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 $7.5 billion (CAD) of assets under management. NWRE has an experienced and innovative team that sources and asset manages a growing portfolio of properties in major markets across North America including a diversified range of asset classes including office, retail, industrial, multi-family residential, self-storage, and seniors housing. The current real estate portfolio is $4.5 billion in gross asset value.