Recently announcing the close of its third discretionary fund, San Francisco-based Lift Partners is continuing to grow its presence in the Puget Sound. In a transaction that closed last week, the full-service real estate investment company acquired a 49,280 square-foot warehouse in Woodinville, Wash. for $14.3 million, or about $290 per square foot. According to Snohomish County records, the seller in the transaction was Woodinville S/C Properties LLC, which has owned the property since it was constructed.
Known as Bear Creek Center, the industrial property is located at 6018 234th Street SE. The warehouse was built in 1995, and is currently occupied by multiple tenants, including Mason Supply and Titanium Industries.
The property appears ro be purchased through Lift Partners’ most recent discretionary fund, Lift Partners Fund III, as it was purchased through a limited liability company titled Lift III 6018 234th LLC. According to the company, the fund closed in October of 2021, with $205 million in commitments from endowments and private investors and is primarily being used to acquire office and industrial assets across the West Coast.
Prior to closing its third discretionary fund, Life Partners previously closed on a $102 million discretionary fund, Lift Partners Fund I; and a $152 million discretionary fund, Lift Partners Fund II.
Founded in January 2015, Lift Partners is a full-service real estate investment company focused on the adaptive re-use and repositioning of industrial and office properties along the West Coast. Since it was created, the company has acquired 42 value-add assets worth $750M. In total, the company’s portfolio spans approximately four million square feet across the Bay Area, Seattle and Southern California.