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REDMOND, WA-The 418,388-sf Cardinal Corporate Park here recently changed hands. Rreef revealed last week that it acquired the three-building complex from Underwood Johnson on behalf of an institutional client, but that was about all it said.

The park is located in the 18600 block of Northeast 65th Street. Local sources tell GlobeSt.com that that locally headquartered Genie Industries occupies the entire complex until 2017. The sale price was $43 million, according to one source, which translates to $102.77 per sf.

Underwood Johnson developed the building in 1997. It was a speculative development until Genie came along during construction and took down the entire project.

Ann Chamberlin and Bill Pollard of Pacific Real Estate Partners represented Underwood Johnson. No other brokers were involved.

Genie Industries manufactures material lifts, aerial work platforms, trailer-mounted booms and light towers, scissor lifts and self-propelled telescopic and articulating booms. The company is a subsidiary of Terex Corp., a diversified global manufacturer based in Westport, CT.

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