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Venture Corporation to Offer Small Business Owners Option to Buy Office Space

  • Grub & Ellis is exclusive listing agent for the 71,000-square-foot Venture Commerce Center-Snoqualmie commercial condominium complex

SNOQUALMIE, Wash. – May 10, 2006

Small business owners in Seattle’s suburbs will soon have the option to buy their office space thanks to the construction of a new commercial condominium complex slated for a December 2006 completion. A new concept for the tightening Puget Sound office market, this next-generation center will feature more than 71,000 square feet of floor space in five separate buildings.

The Seattle office of Grubb & Ellis represented California-based Venture Corporation in the purchase of the Snoqualmie Ridge property. According to Grubb & Ellis’ Brian Dennehy and Lance Wieland, exclusive listing agents for Venture Commerce Center-Snoqualmie, the space is perfect for service-based professionals like doctors, dentists, accountants, insurance agents and lawyers. 

Next Generation Commercial Condos

There are no common areas connecting the 35 private, ownership properties and each business will have its own distinct signage and separate entrance. This will be the first of Venture’s ‘next-generation’ developments in Washington, featuring a “community” look to its exterior. Each floor plan ranges between 980 and 2,800 square feet and is complete with rear ‘flex-space’ that offers 21-foot high ceilings and an overhead door for freight delivery, storage or light industrial uses. Some properties are completed with 100 percent office space.

According to Venture Corporation Vice President of Development Ernie Knodel, the flex space can also be converted to office space by replacing the overhead door with storefront, depending on the requirements of the owner.

“The design of the complex is such that it has spacious throughways between each of the buildings,” Knodel says. “This allows for a multitude of improvements, including development of the rear area.”

Investment Opportunity

Dennehy believes this is an especially lucrative option for small-business owners in Snoqualmie who are interested in owning their offices after paying leases for years and getting nothing in return. According to him, owning an office is not only more economical than leasing, it is also an opportunity to invest in a community in which the population is expected to double by 2014.

“Owning an office at Venture Commerce Center-Snoqualmie means owning an asset that appreciates in value. The property can also be turned into an income stream when an owner-operator decides to move or retire,” Dennehy said. “From a community-centric point of view, the Commerce Center enables business owners who live in Snoqualmie to also work in Snoqualmie, thereby avoiding the long commute to Bellevue or Seattle.

To help celebrate the start of construction on this new development, Venture Corporation has planned a “barn-raising” celebration that will include Snoqualmie city leaders, elected officials, business leaders, local small-business owners and the Puget Sound market’s real estate brokerage community. A date for this event will be announced this summer.

Grubb & Ellis Company

Grubb & Ellis Company is one of the world’s leading full-service commercial real estate organizations, providing a complete range of transaction, management and consulting services.  By leveraging local expertise with our global reach, Grubb & Ellis offers innovative, customized solutions and seamless service to owners, corporate occupants and investors throughout the globe.  For more information, visit the Company's Web site at www.grubb-ellis.com.

About Venture Corporation

Venture Corporation is a real estate development and building company based in Mill Valley (Marin County), California. Since its formation in 1976, the Company has developed many commercial, R&D, residential and mixed-use projects and is currently developing more than thirty projects throughout California and in Nevada and Washington. The Company is particularly well known for its Venture Commerce Center and Venture Professional Center developments. Visit Venture’s Web site at www.venturecommercecenter.com.

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