February 21, 2019
KBS has traded The Park at Woodinville, a five-building, Class A warehouse and light manufacturing infill project in the Seattle suburb of Woodinville, WA, for a total of $47,194,000. KBS purchased the property in October 2014 for $29.69 million, and invested $2.7 million in capital improvements which were acquired on behalf of a sovereign wealth client.
“This sale is bittersweet,” said KBS’ Rodney Richerson. “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.”
The multi-building property is among 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.
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