WOODINVILLE, WA—KBS Realty Advisors of Newport Beach, CA, has acquired The Park at Woodinville, a class A, five building, warehouse and light-manufacturing infill project in the Seattle-adjacent Eastside industrial market. The acquisition was made on behalf of a sovereign wealth fund that is advised by KBS Realty Advisors.
Colony Realty Partners sold the 239,607 square-foot property with more than 90% of available space leased. The Park at Woodinville is conveniently located one mile north of downtown Woodinville with exceptional access to three of the largest Washington cities—Bellevue, Seattle, and Everett.
“The Park at Woodinville is very well located to take advantage of the strong industrial market throughout the Puget Sound area, and as one of the largest industrial parks in Woodinville, The Park can accommodate a diverse array of tenants with varying size requirements,” said KBS Western regional president, Rodney Richerson.
“We believe our investment in The Park will help to continue its successful track record of leasing. We plan to differentiate the property with aesthetic improvements that will further enhance the experience for new and existing tenants,” said KBS senior vice president, Mark Brecheen.
Rick Putnam and Tom Abbott of Colliers International represented Colony Realty Partners in the sale.
KBS and its affiliates own five additional properties in the Washington market totaling more than 1.4 million square feet including The Plaza Buildings, Bellevue Technology Center, Ridgewood Corporate Square, North Creek Parkway Center, and The Central Building.