Lincoln Property Co. JV acquires South Seattle business park

Lincoln Property Company and joint venture partner Admiral Capital Real Estate Fund II (ACRE II) have purchased South Seattle Business Park, with plans for a multi-million-dollar renovation of the five-building campus on 2.7 acres in Seattle’s Georgetown neighborhood.

The project team plans to implement extensive improvements to the campus, which consists of office and light industrial space. These will include improvements to building exteriors and entries as well as adding outdoor community space and new landscaping throughout the property.

South Seattle Business Park is located in the heart of a flourishing commercial area along Highway 99 that is easily accessible from downtown Seattle, the Port of Seattle and the Seattle-Tacoma airport. The property is 94 percent leased to a variety of tenants in a wide array of industries, including Uber’s Greenlight, a hub designed to provide in-person support to drivers. The property is also home to Arena Sports, a 26,000-square-foot indoor soccer facility.

This is the first joint venture between LPC West, Lincoln’s team in Seattle, and Admiral Capital Group. With a focus on management, acquisition and development, LPC West’s Pacific Northwest is rapidly growing with a portfolio of more than 5.2 million square feet of commercial property.

With ACRE II, Admiral Capital Group invests in value-add real estate across major property categories in top MSAs. The founders of Admiral Capital Group, NBA legend and philanthropist David Robinson and Dan Bassichis, have pledged 10 percent of their profits to philanthropic causes in areas where the fund invests.

Seattle’s Georgetown neighborhood is a dynamic market with a growing number of food, beverage and shopping options. One of Georgetown’s creative corridors sits directly across from South Seattle Business Park, offering employees immediate access to local offerings such as Fulcrum coffee roasters, Two Beers Brewing Co., Seattle Cider Brewery, and Kei Fit, a popular training gym.

Seattle is the nation’s 15th largest metropolitan area and has experienced rapid economic growth fueled by dynamic businesses headquartered in the region, including Amazon, Microsoft and Starbucks, along with smaller technology and biotechnology firms.