Onward Investors Sells Westview 522 Business Campus in Woodinville, Wash.
SEATTLE, Wash. (May 2016) – Onward Investors, a national commercial real estate investment and development firm, has sold the Westview 522 business campus located at 6525/6526 240th Street SE in Woodinville, Wash., approximately 25 miles northeast of the Seattle CBD. Pine Forest Properties, Inc., a Washington corporation, purchased the campus for $32,200,000.
Onward Investors, which acquires value-add properties in recovering markets throughout the U.S., resolves complex issues to stabilize the properties and derive value for its investors.
In November 2013, Onward acquired Westview 522, a 14-acre, light industrial campus, featuring two buildings (Buildings A and B), constructed in 2008-09 and totaling 184,000 square feet. In 2011, after the original developer went into default, Onward was contacted by the selling broker as a potential bidder for the project because of Onward’s significant experience in the greater Seattle industrial market, specifically Woodinville. After successfully bidding and acquiring the property, Onward made significant site improvements, including paving, landscaping, correcting storm drainage issues and sequentially demolishing and reconstructing a 1,100-foot-long, 40-foot-high retaining wall. These capital improvements, along with an aggressive leasing approach, allowed Onward to fully lease the property, positioning it for this successful disposition.
Building A is 100 percent occupied by Primus International, Inc., a division of an aerospace parts manufacturer wholly owned by Berkshire Hathaway. Building B is 100 percent occupied by Aboda, Inc., a leading national provider of international housing services.
Onward was assisted during the project by Kidder Mathews, Broderick Group and Shephard Commercial Real Estate for investment sales, leasing and property management services.
About Onward Investors
Based in Minneapolis, Minn., Onward Investors LLC is a privately held commercial real estate investment and development firm that acquires and improves value-add properties in recovering markets for investors. Since its inception in 2011, the firm has acquired and managed more than 2.5 million square feet of commercial properties across the United States. www.OnwardInvestors.com