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News release

BELLEVUE, WA

Jones Lang LaSalle Arranges $7.85M Sale of Colony Park Business Center in Lynnwood


BELLEVUE, WA, April 2, 2013 — Jones Lang LaSalle’s (JLL) Capital Markets experts announced the firm has closed the sale of a six building flex office portfolio totaling 82,467 square feet in the desirable Northend market of Lynnwood, WA, on behalf of Colony Park I & II LLC.  The sale price was $7.85M or $95.19 per square foot.

The buyer was a local investor represented by Ken Butler of Charleston, S.C.-based Butler Commercial Investments, LLC.

Senior Vice President Daniel Seger, Managing Directors Ann Chamberlin and Mark Flippo, and Vice President Brent Jackson led the team on the sale.

The property is known as Colony Park Business Center and is located at 19011-19029 36th Avenue West in Lynnwood.  It was 86 percent leased to a roster of 20 tenants at the time of the sale.   The six single–story, freestanding buildings were built in the 1980’s and sit on just over five acres. The buildings had recently undergone interior suite renovations, external painting and signage upgrades and landscaping.

The sale follows JLL’s successful disposition in January of a Colony Park III, a 29,571 square foot office and bank building within the Colony Park Portfolio, which closed at $4M.  That building was sold to an owner/user.
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About Jones Lang LaSalle
Jones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet. Its investment management business, LaSalle Investment Management, has $47.0 billion of real estate assets under management. For further information, visit www.jll.com.