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.
About Unico Properties LLC
Unico Properties LLC, a subsidiary of Unico Investment Group LLC, is a commercial real estate investor, developer, and full-service operator focused on office and multifamily assets in emerging markets throughout the United States. Founded in 1953, Unico has been transforming the built environment by creating innovative, people-focused building experiences through a cadre of subsidiary companies that deliver boutique expertise and institutional execution for its own accounts and select third-party clients. The private equity real estate investment firm currently owns and operates 18 million square feet of commercial properties across the United States and continues to grow. For more information about Unico, please visit the firm’s website at https://unicoprop.com.