10-31-2005, 07:21 AM
| | A two-story office building purchased for $2.6 million.
FEDERAL WAY, WA-A two-story office building on 9th Avenue here has sold to a group of Northwest investors who plan to renovate and then retrade it as medical and dental office condominiums. The 35,000-sf former home of the Washington Education Association was purchased for $2.6 million.
The ownership group includes Pat McCabe, former vice president of development for Unico Properties Inc.; Michael Barnes, former institutional investment manager for Touchstone Corp.; Joe Brotherton, an independent investor; and Mark Weed, president of Egis Real Estate Services. They are all equal partners in the new venture.
The building originally built in 1979 as the WEA’s corporate headquarters. It is located in close proximity to St. Francis Hospital, Virginia Mason and Group Health clinics.
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