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Seattle & Northwest  + Seattle  + Industrial  | 
Fortress Drops Anchor at Auburn Boat Factory for $9.5M

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.”

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Inside The Story

Fortress Investment GroupKidder Mathews' Matt Murray

About Mark Nieto

Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.

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