Real estate firm announced plans to reposition assets
SEATTLE (Dec. 17, 2021) — Unico Properties LLC, a subsidiary of Unico Investment Group LLC, a real estate investment and operating company, announced that it has purchased Longacres Campus (“Longacres”) in Renton, Wash. The acquisition, which encompasses 962,800 commercial square feet between two class A office buildings and includes a daycare facility and approximately 2,150 parking stalls across the 150-acre site, was acquired from The Boeing Company. A transit-oriented investment, the site sits next to the Tukwila Transit Center with next-stop access to downtown Seattle.
“Unico is thrilled to own an important piece of Puget Sound history and we are excited to turn it into something that will build upon the cherished cultural and economic legacy of Longacres,” said Ned Carner, Unico Chief Investment Officer. “We were attracted by the great potential of what Longacres could be and the investments the City of Renton has made in its future.”
Enjoying a direct connection to commuter rail with next-stop access to downtown Seattle, Longacres is located five minutes from Southcenter Mall, and offers a park-like campus with two separate ponds, an apple orchard, and a 1-mile walking/running trail on-site. Unico is planning capital investments to refresh and modernize the properties.
“We were drawn to the opportunity to own incredibly high-quality commercial space with broad appeal,” said Carner. “Combined with an enviable connectivity and a park-like setting that can be programmed year-round makes Longacres one of the best office products available in Renton.”
“Unico believes that Longacres will appeal to those users in search of large blocks of space with great value relative to the traditional urban core,” said Andrew Cox, Senior Vice President and Regional Director. “We are excited to reintroduce this project to the market and populate these spaces with dynamic and growing companies looking for unmatched amenitization, multi-modal transportation, and the most unique campus setting within the Puget Sound region.”
Jeremy Piquard, Jeff Cole, and Scott Alan of Cushman & Wakefield represented the seller. Unico represented itself in the transaction.