Offering Memorandum 326 & 402 W Meeker & 405 Gowe Street · 2019. 2. 5. · Kurt Sorensen +1 206...
Transcript of Offering Memorandum 326 & 402 W Meeker & 405 Gowe Street · 2019. 2. 5. · Kurt Sorensen +1 206...
Kurt Sorensen+1 206 332 [email protected]
Exclusively marketed by:
Offering Memorandum
326 & 402 W Meeker & 405 Gowe StreetKent, Washington
Investment Assemblage
Join the block of two brew pubs, Starbucks, bakeries and restaurants, and a weekend Farmer’s Market
The information supplied herein is from sources we deem reliable. It is provided without any representation, warranty or guarantee, expressed or implied, as to its accuracy. Prospective Buyer or Tenant should conduct an independent investigation and verification of all matters deemed to be material, including, but not limited to, statements of income and expenses. CONSULT YOUR ATTORNEY, ACCOUNTANT OR OTHER PROFESSIONAL ADVISOR. 2018/OM/326 and 402 W Meeker and 405 Gowe Street
01Property Overview
02Market
Overview
03Investment
Analysis
04Site
Studies
05Supportive
Reports
Bellevue | Seattle | Tacomanai-psp.com
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01Why Not Live or Work...
» 1,584 feet from the train station
» 1,700 feet from the AMC Movie Theatre
» 275 feet from a bakery
» 300 feet from a brew pub
» 1,600 feet from Kent Station Shopping Center and the Justice Center
» 200 feet & 1,100 feet from the two most sought after apartments in Kent
» 500 feet from Town Square Fountain
» 200 feet from City Hall
» 8 second jaywalk to Starbucks
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Executive SummaryWe are offering an assemblage of three buildings in the heart of downtown Kent. It has been owned by the same family for some
forty (40) years. This Estate Sale provides the Buyer an opportunity to purchase assets based on current scheduled income and
allows the Buyer to increase rents overtime. Rents that may be well below their market value. For example, one apartment
rents for $400.00, ridiculously low. One retail store rents for $0.59 per square foot semi-gross! View the information sheets
enclosed on neighborhood rents and judge for yourself.
Where is the upside? First, there is normalizing rents by raising them to market value. The second source of upside is the
tremendous explosion of the population in downtown Kent. Hundreds of new apartments have been built and filled in the past
several years. The proximity to the train station, the new regional Justice Center, and the completion of the new Green
River College campus are within blocks of the subject property.
Lastly, the vision of Kent is to see tall buildings in downtown. The city has zoned this block Downtown Commercial
Enterprise District (DCE) and allows for tall buildings. There is no better Investment Exit Strategy (IES) than buying
well located, under-utilized, income producing the land in the heart of a city two blocks from a train station.
PRICE $2,452,000
ADDRESS326 & 402 W Meeker and 405 Gowe Street
Kent, WA
TOTAL BUILDING SIZE 19,211 square feet
LAND SIZE 24,424 square feet
Bellevue | Seattle | Tacomanai-psp.com
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The information supplied herein is from sources we deem reliable. It is provided without any representation, warranty or guarantee, expressed or implied, as to its accuracy. Prospective Buyer or Tenant should conduct an independent investigation and verification of all matters deemed to be material, including, but not limited to, statements of income and expenses. CONSULT YOUR ATTORNEY, ACCOUNTANT OR OTHER PROFESSIONAL ADVISOR. 2018/OM/326 and 402 W Meeker and 405 Gowe Street
01 Property Overview
Property Profile - KCR
ADDRESS 326 W Meeker 402 W Meeker 405 Gowe Street
LAND AREA 8,699 SF 7,774 SF 7,951 SF
BUILDING SIZE 6,240 SF 7,656 SF 5,325 SF
PARCEL NUMBER 982570-0365 982570-0360 982570-0410
YEAR BUILT 1920 1920 1953 / 1986
ZONING DCE DCE DCE
SHAPERectangle
Street to street
Square
Built to lot linesSquare
Bellevue | Seattle | Tacomanai-psp.com
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1. Train Station (22 minutes to downtown Seattle)
2. AMC Movie Theater3. Green River College - Downtown campus4. Town Square - Public Fountain Play Area5. Platform Apartments - most expensive
(PSF) apartments in Kent6. Kent Station Shopping Center7. The Dwell - second most expensive (PSF)
apartments in Kent8. Sureware Center - Home of the
Thunderbirds Hockey Team9. Regional Justice Center10. Chase Bank11. Starbucks12. Airways Brewing -The Bistro13. Sweet Themes Bakery14. Kent Public Library15. The subject property16. The subject property17. The subject property18. Police Station and City of Kent Office
Building and Courthouse
Bellevue | Seattle | Tacomanai-psp.com
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Market OverviewThe sixth largest city in the State of Washington, Kent is at the heart of the Seattle-Tacoma Metroplex. Accessibility is Kent’s
hallmark. As this map indicates, the city is 22 minutes by train and roughly 35-40 minutes from “Everywhere Northwest”: Central
Business Districts of Seattle, Bellevue and Tacoma.
Nearly 120,000 people call Kent home. It has been named “one of the best places to live” by Seattle-Metropolitan
Magazine. A few years back, Sports Illustrated named Kent “Sportstown of the Year for Washington.” The 154,500 square foot
ShoWare Center is home to the Seattle Thunderbirds (hockey), the Tacoma Stars (soccer) and the Seattle Mist (legends football).
This offering is a key piece in the redevelopment of the two “core” blocks of downtown, a short walk to the train to Seattle and
Tacoma, Green River college, shopping, brew joints and cafes.
A once thriving agricultural area, today Kent is the fourth largest manufacturing and distribution area in the United States. Among
Kent’s top employers: Boeing operates a manufacturing plant; Amazon runs a fulfillment center; both REI and Oberto Sausage
Company operate headquarters, and several other employers include:
28,893Kent Traffic Volume
9.05%Population Growth 2016-2021
41Restaurants,
Cafes & Nightlife
93Walk Score
½block to Starbucks Coffee
1block to Platform Apartments
2 blocks to Regional Justice Center
2blocks to Kent Station
2blocks to shopping and sushi
3 blocks to AMC Theater
3 blocks to Green River College
4block to Dwell Aparments
4 blocks to Justice Center
The information supplied herein is from sources we deem reliable. It is provided without any representation, warranty or guarantee, expressed or implied, as to its accuracy. Prospective Buyer or Tenant should conduct an independent investigation and verification of all matters deemed to be material, including, but not limited to, statements of income and expenses. CONSULT YOUR ATTORNEY, ACCOUNTANT OR OTHER PROFESSIONAL ADVISOR. 2018/OM/326 and 402 W Meeker and 405 Gowe Street
02 Market Overview
Kent is the fifth largest city in King County with
a population of 124,435. Incorporated in
1890, the city’s population has doubled
since 1990, incorporating tens of thousands of new households and
businesses. A culturally rich destination, Kent features captivating
neighborhoods, award-winning parks, exceptional school districts
and nationally accredited police and fire departments. In recent
years, Kent has experienced impressive economic growth and is
nationally known as a prime location for manufacturing.
Kent boasts a diverse economic base. Manufacturing, distribution,
warehousing, professional services and retail companies are
all located here. This includes a growing number of large and
well-known companies, like: The Boeing Company’s Integrated
Defense Systems, WCP Solutions, Mikron Industries, Oberto
Sausage Company, Starbucks Roasting Plant, and Recreation
Equipment, Inc. (REI).
The Kent Valley is home to a growing volume of Class-A wired
office space. The Kent Valley is the 2nd largest industrial park on
the West Coast; 5th in the nation. It is the 3rd largest distribution/
warehouse area after New York/New Jersey and LA, and the
Ports of Seattle and Tacoma are the 3rd largest container hub in
the nation.
Watch the drone video on YouTube: https://youtu.be/_AnZ2X57zzs
Bellevue | Seattle | Tacomanai-psp.com
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Located within 2 blocks of Subject Property:
The Regional Justice Center
New Dwell Apartments
Kent Station Shopping
Starbucks CoffeeGreen River College
The information supplied herein is from sources we deem reliable. It is provided without any representation, warranty or guarantee, expressed or implied, as to its accuracy. Prospective Buyer or Tenant should conduct an independent investigation and verification of all matters deemed to be material, including, but not limited to, statements of income and expenses. CONSULT YOUR ATTORNEY, ACCOUNTANT OR OTHER PROFESSIONAL ADVISOR. 2018/OM/326 and 402 W Meeker and 405 Gowe Street
02 Market Overview
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KENT STATION GIFT CARDS AVAILABLE HERE
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FAMILY RESTROOM
ATM
PUBLIC RESTROOM
KENT STATION GIFT CARDS AVAILABLE HERE
Apparel & Accessories M1 Chico's K5 Christopher & BanksB1 Claire’s Accessories M5 J.Jill L1 LOFT A3 Zumiez
ServicesN6 BECU I 5 Coldwell Banker Bain I 7 FedEx Office J9 Gentle DentalJ 5 H&R BlockI 1 Harborstone Credit UnionA13 Kent Station Chiropractic & MassageA14 Kent Station Family Dentistry K9 Portrait Innovations J3 Qliance Primary CareN Social Security Admin., suite 401 N5 VRAJ11 WFGM3 Windermere
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AMC Theatres F4 Game StopA9 Games WorkshopL4 Simply MacG1 T-MobileK12 Verizon Wireless
DiningE6 Agave Cocina & CantinaE5 Banyan Tree–Thai Cuisine D1 Chipotle Mexican Grill C1 Duke’s Chowder HouseD6 Extreme Pita F1 Johnny RocketsB3 Kigo’s Kitchen C2 Mama Stortini’s Restaurant & Bar A5 Naked PizzaG4 O Pho & Teriyaki J1 Panera Bread D3 The Ram Restaurant & BreweryN7 Reds Wine BarK11 Togo’sN3 Trapper’s Sushi N1 Wingstop
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FAMILY RESTROOM
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PUBLIC RESTROOM
KENT STATION GIFT CARDS AVAILABLE HERE
Apparel & Accessories M1 Chico's K5 Christopher & BanksB1 Claire’s Accessories M5 J.Jill L1 LOFT A3 Zumiez
ServicesN6 BECU I 5 Coldwell Banker Bain I 7 FedEx Office J9 Gentle DentalJ 5 H&R BlockI 1 Harborstone Credit UnionA13 Kent Station Chiropractic & MassageA14 Kent Station Family Dentistry K9 Portrait Innovations J3 Qliance Primary CareN Social Security Admin., suite 401 N5 VRAJ11 WFGM3 Windermere
Electronics & Entertainment
AMC Theatres F4 Game StopA9 Games WorkshopL4 Simply MacG1 T-MobileK12 Verizon Wireless
DiningE6 Agave Cocina & CantinaE5 Banyan Tree–Thai Cuisine D1 Chipotle Mexican Grill C1 Duke’s Chowder HouseD6 Extreme Pita F1 Johnny RocketsB3 Kigo’s Kitchen C2 Mama Stortini’s Restaurant & Bar A5 Naked PizzaG4 O Pho & Teriyaki J1 Panera Bread D3 The Ram Restaurant & BreweryN7 Reds Wine BarK11 Togo’sN3 Trapper’s Sushi N1 Wingstop
Health & FitnessK8 GNC J10 Hand & Stone Massage and Facial Spa
J14 Road Runner Sports J6 Z-Ultimate Self Defense Studios
Educational / OfficesA12 Green River College A10 Kent Station Mgmt OfficeDwell at Kent Station Apts
Café & Specialty FoodsE9 Cold Stone CreameryF3 Cow Chip Cookies H1 Dilettante Espresso & Mocha Café A7 Jamba Juice
K7 See’s Candies
Beauty, Home & GiftB2 Bath & Body Works A2 Buds & BloomsG5 HairMastersG2 Peridot Nail SalonG3 Seattle Sun Tan K6 William James Hair and Skin Studio
Kent Station Directory Map
Bellevue | Seattle | Tacomanai-psp.com
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406 W Meeker 328 W Meeker
407 W Gowe
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Use Actual 2019 Rent
Apartments $58,380
Retail $95,460
Office $113,628
Totals $267,468
Address ID Bldg Size Land Size Year Built
402 W Meeker 982570-0360 7,656 SF 7,774 SF 1920
326 W Meeker 982570-0365 6,240 SF 8,699 SF 1920
405 Gowe Street 9825700410 5,325 SF 7,951 SF 1953 / 1998
Totals 19,221 SF 24,424 SF
Value Added Proforma
Proforma Rent: $342,799
Proforma Reimbursements: + $45,360
Total: $388,159
(25%) ($97,040)
$291,119
Cap Rate (7%) / 0.07
Applied Value $4,158,842
Current Gross IncomeCurrent Scheduled Rent: $267,468
2018 Actual Expenses* (95,828)
NOI: $171,640
Cap Rate (7%) / 0.07
Current Value: $2,452,000
2018 Actual ExpensesReal Estate Tax $28,906
Utilities (W/S/G/E/G) $19,418
Insurance $10,991
Property Managment (5%)* $12,852
Repairs $7,388
Tenant Improvements $10,746
Miscellaneous $5,527
Total Expenses: $95,828
$2,452,000 Sale Price / $127 PSF Building / $100 PSF Land
Investment Summary
*5% Property Management Fee ($12,852) is included in the $95,828. The current owner does not have Professional Management.
Bellevue | Seattle | Tacomanai-psp.com
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Rent Roll - 326 W Meeker Street5 Apartments and 2 Retail Stores
Unit Tenant Type Size (SF) Term
Current Tenant Reimbursed Net
Charges Current RentCurrent Rent
PSF
326 W MeekerMexican
RestaurantRetail 1,426 2020 0 $1,325* $0.89
328 W Meeker Retail 1,526 12/31/19200incl.
$1,400 $0.89
328 (½) W Meeker 5 Apartments Apartments 2,350 Mis. 0 $4,845 $2.21
Total 2,952Total Monthly Rent:Total Annual Rent:
$8,779$75,373
$61,105Annual Income
-$16,488
2018 Actual Expenses=
$44,617 NOI
÷7%
Cap Rate=
$812,642 Value
*Rent will increase to $1,375 on 08/31/2019
The information supplied herein is from sources we deem reliable. It is provided without any representation, warranty or guarantee, expressed or implied, as to its accuracy. Prospective Buyer or Tenant should conduct an independent investigation and verification of all matters deemed to be material, including, but not limited to, statements of income and expenses. CONSULT YOUR ATTORNEY, ACCOUNTANT OR OTHER PROFESSIONAL ADVISOR. 2018/OM/326 and 402 W Meeker and 405 Gowe Street
03 Investment Analysis
Rent Roll - 402-406 W Meeker StreetTwo Tenants - 4 Retail Units
Unit Tenant Type Size (SF) Term
Current Tenant Reimbursed Net
Charges Current RentCurrent Rent
PSF
402 W MeekerConvenient Store MRSS
Retail 1,698 2020 0 $1,430 $0.84
404 W Meeker* Wu-Siefa Gym Retail 1,755 12/2021 0 $1,400 $0.80
406 W Meeker* Wu-Siefa Gym Retail 1,690 12/2021 0 $1,300 $0.77
406 W Meeker* Wu-Siefa Gym Retail 2,070 12/2021 0 $1,300 $0.63
Total 7,213Total Monthly Rent:Total Annual Rent:
$5,430$65,160
$65,160Annual Income
-$35,992
2018 Actual Expenses=
$29,167 NOI
÷7%
Cap Rate=
$416,671 Value
*Total current rent is $4,000. Rent will increase to $4,120 in 2020 and to $4,500 in 2021
Bellevue | Seattle | Tacomanai-psp.com
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Rent Roll - 405-407 W Gowe StreetTwo Tenant Office Building
Unit Tenant Type Size (SF) Term
Current Tenant Reimbursed Net
Charges Current RentCurrent Rent
PSF
407 W Gowe*King County
Svc GrantOffice 2,754 08/31/2021 0 $4,487 $1.53
407 W Gowe Valley Optical Office 2,655 01/03/2022 0 $4,982 $1.86
Total 2,655Total Monthly Rent:Total Annual Rent:
$9,469$113,628
$113,628Annual Income
-$27,040
2018 Actual Expenses=
$86,588 NOI
÷7%
Cap Rate=
$1,263,971 Value
*$615 NNN included
The information supplied herein is from sources we deem reliable. It is provided without any representation, warranty or guarantee, expressed or implied, as to its accuracy. Prospective Buyer or Tenant should conduct an independent investigation and verification of all matters deemed to be material, including, but not limited to, statements of income and expenses. CONSULT YOUR ATTORNEY, ACCOUNTANT OR OTHER PROFESSIONAL ADVISOR. 2018/OM/326 and 402 W Meeker and 405 Gowe Street
03 Investment Analysis
Apartments Rent Roll - 328 (½) Meeker
Rent: $58,140
Expenses: ($11,726)
Apartment NOI: $46,414
Unit Tenant Size Rent Rent PSF Proforma RentProforma Rent PSF
Current Reimbursements
Proforma Reimbursements
Type
1 Vacant 330 SF$990+40
$3.00 $990 $3.00 0 45 Studio
2 Mauricio 896 SF $1,290 $1.44 $1,971 $2.20 40 45 1 bed
3 Pietzke 532 SF$1,050
+40 water$2.04 $1,325 $2.40 40 45 1 bed
4 Mendez 332 SF$975+40
$3.05 $975 $3.05 40 45 1 bed
5 Pockard 260 SF$400
+20 water$1.53 $793 $3.05 40 45 Studio
Totals 2,350 SFSeller will
guarantee $4,845 in rental income
$6,054/mo($72,648/yr)
160$225/mo
($2,700/yr)
Bellevue | Seattle | Tacomanai-psp.com
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Average Apartment Rent Comparison Data98032 Rent Trends
Rents are Expected to Rise 5% in 2018
All Rental Studio 1 Bed 2 Bed
June 2018 $1,456 $1,008 $1,307 $1,519
Sept 2017 $1,418 $970 $1,249 $1,494
May 2017 $1,445 $1,021 $1,265 $1,514
Jan 2017 $1,360 $951 $1,181 $1,431
Sept 2016 $1,327 $899 $1,171 $1,394
May 2016 $1,328 $890 $1,149 $1,402
Jan 2016 $1,252 $877 $1,113 $1,305
Sept 2015 $1,225 $896 $1,075 $1,287
May 2015 $1,182 $783 $1,023 $1,244
Jan 2015 $1,085 $734 $940 $1,140
Average Rent in 98032• All Rentals: $1,456
• Studio: $1,008
• 1 Bedroom: $1,307
• 2 Bedroom: $1,519
Average Rent in All Kent• Studio: $1,006
• 1 Bedroom: $1,260
• 2 Bedroom: $1,485
98032 Apartment Rent Ranges• $701 - $1,0005%
• $1,001 - $1,50051%
• $1,501 - $2,00043%
The information supplied herein is from sources we deem reliable. It is provided without any representation, warranty or guarantee, expressed or implied, as to its accuracy. Prospective Buyer or Tenant should conduct an independent investigation and verification of all matters deemed to be material, including, but not limited to, statements of income and expenses. CONSULT YOUR ATTORNEY, ACCOUNTANT OR OTHER PROFESSIONAL ADVISOR. 2018/OM/326 and 402 W Meeker and 405 Gowe Street
03 Investment Analysis
Neighborhood Rent ComparisonName
Distance From Porter
1 Bed 2 Bed Studio Unit Range Comments
Waterford23605 62nd Ave S
$1.96 PSF - $2.35 PSF $1,377 - $2208Price per square foot assumes 700SF
1 bedroom size
Signature Point25102 62nd Ave S
Kent, Wa
550-700 SF$2.42 PSF
850 SF940 SF
$1.80 PSFNA $1,299 - $1,989
No studios available 378 SF + $3.43 PSF
3 bedroom - 1,300 SF + $1.53 PSF
Arbor Chase 1615 W Smith Street
None989 SF
$1.20 - $1.83NA $1,193 - $2,310
No studios, no 1 bedrooms 2 + 3 bedrooms only (rough place)
Dwell**443 Ramsay
1/8 mile
647 SF725 SF
843 - 851 SF$2.19 - $2.66
NA $1,334 - $3,205Studio price unavailable due to wait-
ing list
Chandler Bay1020 Central Ave N
600 SF $2.20 - $3.27
1043 SF$1.67 - $2.24
NA $1,317 - $2,741
Atrum Older Units6248 S 242nd Point Kent,
Wa
611 SF$1.54 - $1.24
$1,250 - $2,988 Very dumpy units, poor tenants
Atrum Rewooded Units611 SF
$2.04 - $3.06Waiting list, no price $865 - $1,325 Remodeled upgraded units
Platform420 W Smith
200 Feet $2.99 - $4.03 NA $1,9 - $2,086Studios - 425 SF
1 bedroom - 730 SF2 bedrooms - 973 - 1,010 SF
Bellevue | Seattle | Tacomanai-psp.com
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Value & Opportunity04
Development PotentialThe property owner hired noted architectural firm Freiheit Ho to design a mixed-use development featuring two
development options zoned DCE - Downtown Commercial Enterprise:
OPTION A78 Residential Units8,650 SF of Retail109 Parking Stalls (28 required)
OPTION B75 Residential Units17,050 SF of Retail105 Parking Stalls (75 required)
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The information supplied herein is from sources we deem reliable. It is provided without any representation, warranty or guarantee, expressed or implied, as to its accuracy. Prospective Buyer or Tenant should conduct an independent investigation and verification of all matters deemed to be material, including, but not limited to, statements of income and expenses. CONSULT YOUR ATTORNEY, ACCOUNTANT OR OTHER PROFESSIONAL ADVISOR. 2018/OM/326 and 402 W Meeker and 405 Gowe Street
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3rd, 4th, 5th & 6th Floor Plans - Option A
The information supplied herein is from sources we deem reliable. It is provided without any representation, warranty or guarantee, expressed or implied, as to its accuracy. Prospective Buyer or Tenant should conduct an independent investigation and verification of all matters deemed to be material, including, but not limited to, statements of income and expenses. CONSULT YOUR ATTORNEY, ACCOUNTANT OR OTHER PROFESSIONAL ADVISOR. 2018/OM/326 and 402 W Meeker and 405 Gowe Street
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3rd, 4th, 5th & 6th Floor Plans - Option B
The information supplied herein is from sources we deem reliable. It is provided without any representation, warranty or guarantee, expressed or implied, as to its accuracy. Prospective Buyer or Tenant should conduct an independent investigation and verification of all matters deemed to be material, including, but not limited to, statements of income and expenses. CONSULT YOUR ATTORNEY, ACCOUNTANT OR OTHER PROFESSIONAL ADVISOR. 2017/OM/303-307 W Meeker
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Confidential Memorandum & DisclaimerNAI Puget Sound Properties (“Agent”) has been engaged as the exclusive agent for the sale of 303-307 West Meeker
Street in Kent, Washington (the “Property”), by the owner of the Property (“Seller”).
The Property is being offered for sale in an “as-is”, “where-is” condition and Seller and Agent make no representations or
warranties as to the accuracy of the information contained in this Offering Memorandum. The enclosed materials include
highly confidential information and are being furnished solely for the purpose of review by prospective purchasers of the
interest described herein. Neither the enclosed materials nor any information contained herein is to be used for any other
purpose or made available to any other person without the express written consent of the Seller. Each recipient, as a
perquisite to receiving the enclosed, should be registered with NAI Puget Sound Properties as a “Registered Potential
Investor” or as “Buyer’s Agent” for an identified “Registered Potential Investor.” The use of this Offering Memorandum
and the information provided herein is subject to the terms, provisions and limitations of the confidentiality agreement
furnished by Agent prior to delivery of this Offering Memorandum.
The enclosed materials are being provided solely to facilitate the prospective investor’s own due diligence for which it
shall be fully and solely responsible. The material contained herein is based on information and sources deemed to be
reliable, but no representation or warranty, express or implied, is being made by Agent or Seller or any of their respective
representatives, affiliates, officers, employees, shareholders, partners and directors as the accuracy or completeness
of the information contained herein. Neither the Agent or the Seller shall have liability whatsoever for the accuracy or
completeness of the information contained herein or any other written or oral communication or information transmitted
or made available or any action taken or decision made by the recipient with respect to the Property. Interested parties
are to make their own investigations, projections and conclusions without reliance upon the material contained herein.
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Seller reserves the right, at its sole and absolute discretion, to withdraw the Property from being marketed for sale at
any time and for any reason. Seller and Agent each expressly reserves the right, at their sole and absolute discretion,
to reject any and all expressions of interest or offerers guarding the Property and/or terminate discussions with any
entity at any time, with or without notice. This offering is made subject to omissions, correction or errors, change of
price or other terms, prior sale or withdrawal from the market without notice. Agent is not authorized to make any
representations or agreements on behalf or Seller.
Seller shall have no legal commitment or obligation to any interested party reviewing the enclosed materials, performing
additional investigation and/or making an offer to purchase the Property unless and until a binding written agreement
for the purchase of the Property has been fully executed, delivered and approved by Seller and any conditions to
Seller’s obligations thereunder have been satisfied or waived.
By taking possession of and reviewing the information contained herein, the recipient agrees that (a) the enclosed
materials and their contents are of a highly confidential nature and will be held and treated in the strictest confidence
and shall be returned to Agent or Seller promptly upon request; and (b) the recipient shall not contact employees or
tenants of the Property directly or indirectly regarding any aspect of the enclosed materials or the Property without the
prior written approval of the Seller or Agent; and (c) no portion of the enclosed materials may be copied or otherwise
reproduced without the prior written authorization of Seller or Agent or as otherwise provided in the Confidentiality and/
or Registration Agreement executed and delivered by the recipient(s) to NAI Puget Sound Properties.
The information supplied herein is from sources we deem reliable. It is provided without any representation, warranty or guarantee, expressed or implied, as to its accuracy. Prospective Buyer or Tenant should conduct an independent investigation and verification of all matters deemed to be material, including, but not limited to, statements of income and expenses. CONSULT YOUR ATTORNEY, ACCOUNTANT OR OTHER PROFESSIONAL ADVISOR. 2018/OM/326 and 402 W Meeker and 405 Gowe Street
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The information supplied herein is from sources we deem reliable. It is provided without any representation, warranty or guarantee, expressed or implied, as to its accuracy. Prospective Buyer or Tenant should conduct an independent investigation and verification of all matters deemed to be material, including, but not limited to, statements of income and expenses. CONSULT YOUR ATTORNEY, ACCOUNTANT OR OTHER PROFESSIONAL ADVISOR. 2018/OM/326 and 402 W Meeker and 405 Gowe Street
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600 108th Avenue NE Suite 340Bellevue, Washington USA 98004+1 425 586 5600
1700 Seventh Avenue Suite 2050Seattle, Washington USA 98101+1 206 332 1466
1201 Pacific Avenue Suite 2050Tacoma, Washington USA 98402+1 253 383 3100
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