Leading firm expands established Western U.S. portfolio with strategic Seattle-area market value-add acquisition
WOODINVILLE, Wash. – January 8, 2024 – Leading Western and Central U.S. industrial real estate investor, developer and asset manager, CapRock Partners, today announced its acquisition of The Reserve @ Woodinville, a 159,900-square-foot, 100% leased, Class A industrial building in Woodinville, a premier industrial real estate market within the Seattle metropolitan statistical area (MSA). The acquisition marks CapRock Partners’ first move into the Pacific Northwest, bolstering the firm’s robust existing portfolio of approximately 30 million square feet of industrial real estate at total build-out.
“The Puget Sound area is a dynamic economic region, and we are excited to raise the CapRock banner here with the acquisition of The Reserve @ Woodinville, a well-located, best-in-class property in a high-performing submarket,” said Bob O’Neill, senior vice president of acquisitions at CapRock Partners. “Known for its variety of local wineries, microbreweries and eateries, the Woodinville/522 Corridor submarket boasts one of the tightest warehouse-only vacancy rates in Puget Sound. As CapRock continues to focus on growth leading into 2024, we look forward to pursuing more compelling investment opportunities in this region.”
Located at 15902 Woodinville-Redmond Road NE, The Reserve @ Woodinville provides prime accessibility and visibility. It is well-positioned at the conversion of the MSA’s Eastside and Northend industrial submarkets, providing tenants access to a strong, educated workforce and approximately 1.8 million consumers within a 15-mile radius.
The property is near the Port of Tacoma and Port of Seattle, Washington’s two major deep-water ports, as well as the renovated Paine Field Airport and Sea-Tac International Airport. The location offers efficient access to regional transportation routes such as the SR-522, I-405, and I-5 freeways, allowing service north to Vancouver, B.C, and south to Oregon and Northern California. Seattle’s central business district is within a 30-minute drive.
“The acquisition of The Reserve @ Woodinville is an exciting milestone for our firm as we expand into a new Western market,” said Jon Pharris, co-founder and president of CapRock Partners. “After observing and analyzing the Seattle-Puget Sound industrial real estate market for some time, we are pleased to secure The Reserve @ Woodinville. The asset aligns with our larger strategic growth objectives and investment goals, as we continue to provide risk-adjusted returns for our institutional investors.”
Completed in 2018, The Reserve @ Woodinville is a concrete tilt-up warehouse featuring 30-foot clear height, 19 dock-high loading doors, four grade-level loading doors, above average power (1,200 amps) and ESFR sprinklers. The 8.8-acre property also offers approximately 13,800 square feet of office space and ample parking.
The Reserve @ Woodinville is currently leased to four high quality tenants, including a custom wine producer, a brewery, an electrical construction contractor, and a boardgame publisher/distributor.
The transaction was brokered by Michael Kendall, Gian Bruno, Kenny Patricia, Matt McGregor and Bill Condon with Colliers International. Terms of the deal are not disclosed.
ABOUT CAPROCK PARTNERS
Founded in 2009 in Newport Beach, Calif., CapRock Partners is a privately owned investor and developer of industrial real estate in the Western and Central United States. With approximately $2.9 billion of assets under management or advisement as of June 30, 2023, the company specializes in acquiring middle-market value-add industrial assets, developing large-scale institutional-quality Class A industrial warehouse facilities in key locations, and providing third-party asset management services for institutional investors. The firm is actively acquiring land for development and middle market value-add assets across the Western and Central U.S. Since inception, its total investment and development pipeline exceeds 30 million square feet of industrial real estate. Follow the company on Facebook, LinkedIn, X (Twitter) and Instagram.
- OC Register, 1/19/24: Real estate news: Taiwanese computer maker signs $265M lease for new Tustin headquarters (CapRock makes first purchase in Northwest)
- iREOC, 1/9/24: CapRock Partners acquires first industrial real estate asset in the Pacific Northwest
- IREI, 1/9/24: CapRock Partners acquires first industrial real estate asset in the Pacific Northwest
- CoStar News, 1/9/24: CapRock Partners Enters Pacific Northwest With Purchase of Warehouse Near Seattle
- Connect CRE, 1/9/24: CapRock Partners Acquires First Industrial Asset in PNW
- RENTV, 1/9/24: CapRock Partners Picks Up 160k WA Industrial Facility
- DC Velocity, 1/8/24: CapRock Partners Acquires First Industrial Real Estate Asset in the Pacific Northwest
- Puget Sound Business Journal, 1/5/24: Woodinville winery, brewery building trades at slight loss
- The Registry PNW, 1/5/24: CapRock Partners Buys 160,000 SQFT Industrial Property in Woodinville for $34.2MM
