Sealed Bid Auction: 450 Hills Street

450 Hills Street, Richland, WA 99354

Property Info

Zetabid is pleased to offer for sealed bid auction the Two Rivers Property, a Class B Office building located in Richland, WA at the confluence of the Yakima and Columbia Rivers. Along with the nearby cities Pasco and Kennewick, RIchland is one of the tri-cities, home to the Hanford nuclear site. The building is 100% occupied by Bechtel, Inc who has been occupying the building over 20 years. Please visit Zetabid.com and our Due Diligence Vault for financials, leases and other purchase information. Pre-Auction offers are welcome!

Bechtel has had a 20+ year stabilizing affect in Richland as the country’s largest construction and engineering company. The federal government has committed to spending at least an additional $1.9 billion on the management and cleanup of nuclear waste in the area. Additionally, 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.

  • City : Richland
  • State : WA
  • Zip Code : 99354
  • Property Type : Office
  • Square Feet : 62375
  • Lot Size : 4.29 AC
  • Year Built : 1974
  • Cap Rate (at opening bid) : 9.14%
  • NOI (2018 Year End) : $822,527
  • Gross Rental Income : $1,243,258
  • Current Taxes : $69,687
  • Operating Expenses : $351,044
  • Fee Simple Land : Yes
  • Current Lease End Date : May 2021 (Bechtel, Inc. has occupied property for 20 years)
Status:Active

Additional Information

Bechtel, Inc: Founded in 1898, Bechtel has worked on more than 23,000 projects in 140 countries on all seven continents. Bechtel is the largest construction and engineering company in the United States and ranks the 5th largest privately owned company in the country. In 2014, Bechtel had $37.2 billion in revenue and employed 53,000 workers across the globe. In southeastern Washington, Bechtel is designing, constructing, and commissioning the world’s largest radioactive waste treatment plant for the U.S. Department of Energy.

LOCATION OVERVIEW:

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  office, laboratory, and light manufacturing. National firms 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, Pacific 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 office 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.

Starting Bid: $8,999,000
Auction Start: 02/18/2019 9:00 am
Auction End: 02/21/2019 4:00 pm
  • Time Zone :PST
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Important Information

  • Buyers Premium :3%
  • Broker Coop :2%
  • Financing :No
  • Inspection Contingency :Yes
  • Showings :Call Eric Koesterer @ 818-426-2660

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