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CapRock Partners Picks Up 160k sf WA Industrial Facility

1/09/24

CapRock Partners has acquired The Reserve @ Woodinville, a 159.9k sf, 100% leased, Class A industrial building in Woodinville, WA, within the Seattle metropolitan statistical area (MSA). The purchase marks CapRock Partners’ first move into the Pacific Northwest, bolstering the firm’s robust existing portfolio of approximately 30 msf of industrial real estate at total build-out.

Located at 15902 Woodinville-Redmond Road NE, The Reserve @ Woodinville provides prime accessibility and visibility. It is well-positioned at the conversion of the MSA’s Eastside and Northend industrial submarkets, providing tenants access to a strong, educated workforce and approximately 1.8 million consumers within a 15-mile radius.

The property is near the Port of Tacoma and Port of Seattle, Washington’s two major deep-water ports, as well as the renovated Paine Field Airport and Sea-Tac International Airport. The location offers efficient access to regional transportation routes such as the SR-522, I-405, and I-5 freeways, allowing service north to Vancouver, B.C, and south to Oregon and Northern California. Seattle’s central business district is within a 30-minute drive.

“The Puget Sound area is a dynamic economic region, and we are excited to raise the CapRock banner here with the acquisition of The Reserve @ Woodinville, a well-located, best-in-class property in a high-performing submarket,” said Bob O’Neill, senior vice president of acquisitions at CapRock Partners. “Known for its variety of local wineries, microbreweries and eateries, the Woodinville/522 Corridor submarket boasts one of the tightest warehouse-only vacancy rates in Puget Sound.”

Completed in 2018, The Reserve @ Woodinville is a concrete tilt-up warehouse featuring 30-foot clear height, 19 dock-high loading doors, four grade-level loading doors, above average power (1,200 amps) and ESFR sprinklers. The 8.8-acre property also offers approximately 13.8k sf of office space and ample parking.

The Reserve @ Woodinville is currently leased to four high quality tenants, including a custom wine producer, a brewery, an electrical construction contractor, and a boardgame publisher/distributor.

The transaction was brokered by Michael Kendall, Gian Bruno, Kenny Patricia, Matt McGregor and Bill Condon with Colliers International. PCCP, LLC provided a $25 mil loan for the purchase. Terms of the deal were not disclosed.





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