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June 24, 2024
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Washington Industrial Property Acquired by Owner/User in $41 Mil Deal

2/05/24

The Cascade Building, a 10.33-acre industrial park located in the Eastown Jobs Center of Bonney Lake, WA, was acquired by Walter E. Nelson Co in a $41 mil transaction. The property includes 184k sf of building space.

The Cascade Building is at 9713 233rd Avenue East in Bonney Lake. It is a unique, Class A industrial tilt-up structure featuring all the amenities of modern industrial construction in a campus-like setting.

The buyer is a Portland-based privately owned supplier and manufacturer of facility cleaning supplies and equipment. They are fond of the Bonney Lake area and are moving from their current location in Auburn, WA.

Matt McLennan, SIOR, CCIM, and Kraig Heeter, SIOR, with Kidder Mathews represented the seller, Cascade RCL.

“It is rare to see an owner/user sale of a building this size, let alone a transaction this size in the current market,” said McLennan. “We had to get creative on structuring the close date to accommodate a 1031 exchange, as well as factor in a leaseback for the seller’s business to facilitate the sale and the eventual move-in of the new owner.”

Peak Design, the developer of The Cascade Building, is a prominent developer in the Bonney Lake submarket and Pierce County. They are currently focused on their next project, Peak 410, which features up to seven buildings and nearly 1 msf of additional Class A industrial space.





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