62,375 ft²Office$11,850,000Sale
62,375 ft²
Office
$11,850,000
Sale
Conor Finucane*
NAI Commercial BC
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• Strong Anchor Tenant: Bechtel Inc • Excellent location: Located in Richland, part of the Tri-Cities whose population exceeds 50,000 • Economic Anchor: Bechtel has had a 20+ year stabilizing affect in Richland as the country’s largest construction and engineering company. • Government Stabilization: The federal government has committed to spending at least an additional $1.9 billion on the management and cleanup of nuclear waste including the 586 square mile Hanford Site whose ongoing work is projected through 2040. • No Debt: The property is being offered free and clear of debt allowing investors the opportunity to take advantage of today’s low interest rates • Below Replacement Cost: The price per square-foot is well below replacement cost • Fee Simple Land: Current ownership holds fee simple interest in the land and building. The majority of office buildings in Richland are negotiated on long-term land leases. Price: $11,850,000 USD
The Space
Asking Price$11,850,000
Available Space62,375 ft²
Cap Rate6.75%
Net Operating Income$800,000/yr
SourceDirect
The Building
Two Rivers is located within the boundaries of the Tri-Cities Research District. The Research District is comprised of a 1,700 acre mixed-use area composed of approximately 3.4 million square feet of oce, laboratory, and light manufacturing. National rms as well as State and Federal government agencies lease or own space in the district primarily to service the energy industry. Numerous business parks, campuses, and housing developments make up the immediately surrounding areas, including the Stevens Center with tenants like the Department of Energy, CH2M, and Fluor; University Park with several multifamily structures; and the beginnings of the Richland Innovation Center, which has the following partners working toward its development: WSU Tri-Cities, Pacic Northwest National Laboratory, and the Port of Benton. Battelle has its own 220 acre campus to the northwest of Two Rivers, improved with over 1M square feet of laboratory and oce space. Battelle has invested over $530m into that campus since 1997. Washington State University’s Tri-Cities 190 acre campus lies to the south of the Energy Northwest properties. That campus has continued to grow as WSU has developed additional science, agricultural, technology, and engineering studies in the area.
Property TypeOffice