Nicola Wealth Real Estate acquires two commercial properties in Seattle as part of a greater strategy.
SEATTLE, WA, April 5, 2021 – Nicola Wealth Real Estate (NWRE) announces two new acquisitions to expand their presence in the Seattle market. These acquisitions add to their growing U.S. portfolio comprised of industrial, creative office, flex/office, multi-family rental apartment, and other asset classes.
The first acquisition, known as SODO Urbanworks, is situated on 1st Avenue South in SoDo (South of Downtown) adjacent to the Port of Seattle and only minutes south of Downtown Seattle. The property comprises 169,685 sf of flex/industrial space on a 6.78-acre site. SoDo is a rapidly evolving in-fill submarket that benefits from close proximity to the urban core.
“We are excited to acquire SODO Urbanworks, which is regarded as a destination location and home to approximately 10 wineries, bars, and restaurants,” says Matthew Schaeffers, Director of Acquisitions at Nicola Wealth Real Estate. “SODO Urbanworks has developed a strong brand that is synonymous among businesses, locals, and tourists alike as an experiential retail and light-industrial destination.”
The second acquisition, known as Par Mac 200, is situated on 120th Street NW in Kirkland and is adjacent to the I-405 Highway, only minutes from Redmond and Bellevue. This highly functional multi-tenant industrial property comprises 26,048 sf on 1.79 acres. Kirkland is a sought-after mature submarket on Seattle’s East side with strong demand from businesses for industrial space.
NWRE continues to concentrate its growth in the U.S., targeting major markets such as Seattle, Denver, Las Vegas, Phoenix and other similar markets with a focus on acquiring both income-producing properties and value-add opportunities.
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 over $9.2 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 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 real estate portfolio now exceeds $6 billion gross asset value.
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