Case Study: Topline Building – Bellevue, WA
- AGM REAL ESTATE
- Apr 27
- 1 min read
In 2018, we acquired the Topline Building, a 44,062 SF single-tenant flex property located in Bellevue, WA. Originally positioned as a value-add investment, the asset was successfully stabilized and sold in 2020 during the COVID-19 pandemic. Proceeds were subsequently reinvested into a larger $15 million office acquisition, preserving and enhancing investor capital during an uncertain market period.

INVESTMENT SNAPSHOT
Phase: Realized
Location: Bellevue
Property Type: Flex
Size: 44,062
Acquisition Date: 2018
Purchase Price: 8,500,000
Equity Raised: $3,100,000
Sale Price: $11,736,719
Sale Date: 2020
Strategy: Value Add
IRR: 39.34%
Multiple: 1.88
Cash on Cash: 6.48%
INVESTMENT THESIS
Single-Tenant Flex Opportunity: At acquisition, the property provided a stable, creditworthy tenant with below-market lease rates, presenting an opportunity for operational optimization and eventual capital appreciation.
Market Timing and Execution: Despite macroeconomic uncertainty during the COVID-19 pandemic, proactive asset management and a strong local market enabled a successful sale, exceeding initial underwriting expectations.
Strategic Reinvestment: All net equity proceeds were successfully traded into a larger $15 million office building acquisition, preserving 1031 exchange benefits and compounding future growth potential.
RESULTS
Successful Exit: Sold for $11,736,719, delivering a 39.34% internal rate of return (IRR) and a 1.88x equity multiple over a two-year hold period.
Capital Preservation and Growth: The strategic 1031 exchange allowed for continued tax-deferred growth of investor capital into a larger, higher-value asset.
Operational Impact: Asset management initiatives helped maintain full occupancy and strong cash flow during the hold period, supporting consistent distributions and a successful exit.