April 25, 2024
Property

CapRock Partners Buys 160,000 SQFT Industrial Property in Woodinville for $34.2MM


Woodinville, CapRock Partners, Puget Sound, The Reserve at Woodinville, King County, Ares Management, Port of Tacoma, Port of Seattle, Paine Field Airport, Sea-Tac International Airport, Colliers, Newport Beach, Phoenix, Dallas, Fort Worth, Lee Johnson Auto Group, Kirkland, Seattle
Courtesy of Colliers

By Kate Snyder

The Puget Sound region’s industrial market is continuing to attract investors with the recent sale of a warehouse in Woodinville. The property, known as The Reserve at Woodinville, was purchased by an entity affiliated with CapRock Partners for $34.2 million, or about $214 per square foot, according to King County public records. The seller was an entity that shares an address with Ares Management, an investment management firm.

Located at 15902 Woodinville-Redmond Road NE, the property is near both the Port of Tacoma and Port of Seattle as well as the Paine Field Airport and Sea-Tac International Airport. The site also has access to SR-522, I-405 and I-5. The structure is an industrial building that spans 159,869 square feet. According to a marketing brochure from Colliers, the asset was delivered in 2018 and is 100 percent leased. Businesses with addresses at the site include a storage facility, brewery and a winery.

CapRock Partners is a real estate development and investment firm with a focus on industrial properties in the western and central United States, according to the company’s website. Since its founding in 2009 in Newport Beach, Calif., CapRock has acquired, developed or entitled more than 35 million square feet of industrial real estate. As of June 30, 2023, CapRock owns more than 17 million square feet of industrial assets. CapRock has three offices in Southern California, Phoenix, Ariz., and Dallas/Fort Worth, Texas.

Industrial properties throughout the Puget Sound region have been the subject of sales transactions in recent months.

Last year in Kirkland, a warehouse traded hands for $10 million, or about $333 per square foot. The buyer was an entity affiliated with the Lee Johnson Auto Group, a Kirkland-based business that operates multiple car dealerships throughout the Seattle area. The seller was an entity affiliated with Richard and Becky Budke. Located at 12530 135th Ave. NE, the building spans approximately 30,000 square feet and includes a 28,895 square foot storage and warehouse area as well as a 1,105 square foot office.



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