PCCP, LLC has granted a $25 million loan to CapRock Partners for the purchase of The Reserve at Woodinville, a fully leased 159,869 square foot Class A industrial building in Woodinville, Washington. JLL’s Capital Markets Debt Advisory team successfully secured the non-recourse loan on behalf of CapRock. Led by Senior Managing Director Greg Brown and Senior Directors Peter Thompson and Kaden Eichmeier.
The property is located at 15902 Woodinville-Redmond Rd NE in Puget Sound’s highly competitive Eastside industrial market. Built in 2018 on an expansive 8.8-acre site, this single-loaded Class A building is currently occupied by four tenants.
According to PCCP’s Managing Director Dorian Farhang: “This top-performing asset was acquired below replacement cost and boasts a prime location within the thriving Eastside industrial market.” The Puget Sound area has seen impressive growth with low vacancy rates and high asking prices making it an ideal investment opportunity for institutional-quality assets like this one.
This article originally appeared on Connect CRE.
