Woodinville Industrial Property Acquired in $30M Transaction
- Nov 01, 2014
A five-building Class A industrial asset recently traded hands in the Pacific Northwest, when a sovereign wealth fund advised by KBS Realty Advisors paid around $30 million for a property in the Eastside industrial market. The Park at Woodinville is a warehouse and light-manufacturing infill project that was sold by Colony Realty Partners. The deal was arranged on behalf of the seller by Rick Putnam and Tom Abbott of Colliers International.
The Park at Woodinville’s five buildings offer tenants a total of 239,607 square feet of space. The asset currently has a 10 percent vacancy rate, and its location offers tenants proximity to some of the largest cities in the state of Washington: Seattle, Bellevue and Everett. KBS and its affiliates own 1.4 million square feet in the local market, including Bellevue Technology Center, Ridgewood Corporate Square, The Plaza Buildings, North Creek Parkway Center and The Central Building.
According to KBS Western Regional President Rodney Richerson, the newly acquired asset is “very well located to take advantage of the strong industrial market throughout the Puget Sound area, and as one of the largest industrial parks in Woodinville, The Park can accommodate a diverse array of tenants with varying size requirements.” As for KBS Senior Vice President Mark Brecheen, the new owner has plans to “differentiate the property with aesthetic improvements that will further enhance the experience for new and existing tenants.”
Image courtesy of Colliers International