More than half of Corporate Campus East, a suburban office park north of downtown Bellevue, was sold Tuesday for $43.4 million, county records show.
The Illinois teachers’ retirement system sold two parcels consisting of four buildings and adjacent parking lots to Realty Associates Fund X LP, records show. The fund is an affiliate of Boston-based TA Associates Realty, a private real estate adviser that says it manages 91 million square feet of commercial real estate nationwide.
The four buildings — Buildings E, F, G and H — total about 154,000 square feet and are 9 percent vacant, according to OfficeSpace.com. An affiliate of the Illinois teachers’ retirement system acquired the property in 1984 for $3.9 million and developed the office buildings.
The office park is near State Highway 520 and west of Interstate 405, minutes from downtown Bellevue.
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According to commercial real-estate data provider CoStar, the anchor tenants in Corporate Campus East III are Walla Walla-based Banner Bank, which leases 30,500 square feet, and Bellevue engineering firm Wood Harbinger, which leases about 25,000 square feet.
To the west, Corporate Campus East — Buildings A, B and C — was not part of Tuesday’s sale. The Illinois State Board of Investment owns those and acquired them in 2006 from an affiliate of Seattle-based HAL Real Estate Investments for $38.6 million, records show.
Sanjay Bhatt: 206-464-3103 or email@example.com On Twitter @sbhatt