“This sale is bitter
sweet. Although we are very pleased with our investment, generating a 27% IRR
and a 2.71 equity multiplier over the 4.5-year hold, this project is extremely
well located, and difficult, if not impossible, to replicate. The property
should perform extremely well for the new owners,” said Rodney Richerson,
regional vice president for KBS.
The multi-building property is one of the largest industrial
parks in the area, allowing accommodation for a diverse set of tenants. The
property offers varying leasing sizes and is equipped with onsite amenities
such as a café, an outdoor patio and loading docks.
Located in the northern portion of the Eastside submarket,
directly east of the SR-522 and within proximity to the I-405, The Park at
Woodinville is situated along the region’s primary transportation corridors.
The Woodinville community is known for its wineries and tasting rooms that have
attracted a group of aspiring winemakers over the years.
According to Colliers International’s Q4 2018 U.S.
Industrial Market Outlook Report, the market remains strong with historically
high occupancy and rental rates. As demand for e-commerce grows and supply
chains expand, the industrial real estate market continues to experience
“The Park at Woodinville is a unique asset to the
surrounding area, which reflects directly on the steady demand of leasing we’ve
seen at the property,” said Clint Copulos, senior vice president for KBS and
asset manager for the property. “We anticipate the property’s new owner will
experience the same success that we historically have had in the market.”
Jason Bloom of Kidder Matthews represented the buyer and
Derek Heed of Colliers International represented KBS in the transaction.