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Fortress Drops Anchor at Auburn Boat Factory for $9.5M
Fortress Investments has purchased the former Cutwater Boat Factory in Auburn WA in a $9.5 million deal arranged by Kidder Mathews. Kidder’s Senior Vice President Matt Murray represented both Fortress and the seller, JJL, LLC.
The 27,000-square-foot, 4.5-acre facility is located on 37th Street Northeast in Kent Valley, which has become a very strong industrial market. Fortress was able to separate the deal with a leaseback on half of the property while it works toward developing the back half of the property for a future lease to a tenant.
“Both the seller and buyer showed great patience and creativity to devise a plane to keep the owner/user on the property while finding a way to improve the other half of the property to create value,” said Murray. “This is a true win/win for both sides.”
