X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.