Purchase in Woodinville Harsch’s First Investment in Seattle’s Eastside Industrial Area
SEATTLE, WA. – Harsch Investment Properties, a Portland-based real estate investment, development and management company, continued its growth in the Seattle area with the purchase of Riverfront Business Park, a 137,916-square-foot, four-building, Class A industrial property in Woodinville, Washington. The business park occupies more than nine acres one mile south of downtown Woodinville, just south of SR-522, two miles from I-405, one of the region’s primary north/south transportation corridors. The firm paid $15.45 million for the property, according to reports.
Harsch Investment Properties is no stranger to the Seattle area. The company presently owns and operates approximately two million square feet of industrial properties and 600,000 square feet of retail properties in the Seattle metropolitan area.
“Riverfront Business Park has wonderful current tenants and long term we see the potential of continuing to add more brewery and wine-related businesses,” said Harsch Investment Properties President Jordan Schnitzer. “This will be an opportunity for our Seattle regional team to continue to grow our Puget Sound portfolio.”
“As a longtime commercial property owner in the Seattle region, we have been impressed with the market dynamics of Woodinville and the entire Eastside. Riverfront Business Park is a high-quality industrial park in the Seattle-adjacent Eastside industrial market. The park is 100 percent occupied, and has historically maintained high occupancy,” said Harsch Investment Properties Senior Vice President and Seattle Regional Manager Rob Aigner.
Located just a mile north of the renowned Chateau Ste. Michelle winery and Red Hook Ale Brewery, Riverfront Business Park is occupied with diverse, quality regionally-based companies, from “warehouse district” wineries with tasting rooms, to fitness, interiors and high-tech businesses. The property, located just west of the Sammamish River, is regarded as one of Woodinville’s high-quality industrial parks.
Added Aigner, “The advantageous location of Riverfront Business Park makes it ideal for manufacturers and distributors with easy ingress/egress and excellent access to three of the largest cities in the state. Riverfront Business Park is significant because there’s an extreme limitation of warehousing on the Eastside. That adds a lot of appeal to this attractive submarket.”
Bret Jordan and Derek Heed, of Colliers International, served as the listing brokers for Riverfront Business Park.
About Harsch Investment Properties
Harsch Investment Properties is a privately-held real estate company that acquires, manages and develops properties for its own portfolio. Founded in 1950, the company owns and operates 23 million square feet of office, multi-tenant industrial, multi-family and retail properties in six western states. Headquartered in Portland, Oregon, Harsch has regional offices in Seattle, Portland, the San Francisco Bay Area, Sacramento, San Diego and Las Vegas. More information can be found by going to http://www.harsch.com.