Seattle, Wash. – Fortress Investment purchased the former Cutwater Boat factory in Auburn, Washington for $9,500,000 in a deal that closed yesterday. Kidder Mathews Senior Vice President Matt Murray represented both Fortress and the seller, JJL, LLC.
The property is located in the heart of one of the strongest industrial markets in the country — Kent Valley — at 47 37th Street Northeast. It spans 4.5 acres with a 27,000-square-foot building. Fortress was able to separate the deal with a leaseback on half of the property while it works toward developing the back half of the property for a future lease to a tenant.
“Both the seller and buyer showed great patience and creativity to devise a plan to keep the owner/user on the property, while finding a way to improve the other half of the property to create value,” said Murray. “This is a true win/win for both sides.”
About Kidder Mathews
Kidder Mathews is the largest independent commercial real estate firm on the West Coast, with 900 real estate professionals and staff in 20 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, asset services, consulting, project and construction management, and debt & equity finance services for all property types. The firm performs $10.9 billion in transactions, manages 52 million square feet of space, and conducts over 2,600 appraisals annually.