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.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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