Home Finance Northern Industrial Purchases 66,000 SQFT Industrial Building in Woodinville for $24.5MM

Northern Industrial Purchases 66,000 SQFT Industrial Building in Woodinville for $24.5MM

Northern Industrial, Gantry, Woodinville, Seattle, Redapt

(Editor’s Note: The purchase price was listed as $24.5 million, or about $371 per square foot, according to public records, and the buyer was an entity affiliated with Northern Industrial, Inc. The building last traded hands in 2018 for $10.625 million, or approximately $159 per square foot, according to The Registry’s previous reporting.)

Seattle, Wash. (December 1, 2022) – Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured $12.5 million of permanent financing for the acquisition of a 66,000-square-foot, single-tenant industrial building. The property is located at 14051 NE 200th St. in Woodinville, Wash., a suburb within the greater Seattle MSA. Technology service provider Redapt occupies the entire facility for their corporate office and production requirements.

Gantry’s Mike Wood, Principal, and Alex Saunders, Associate, with the firm’s Seattle production office secured the financing on behalf of the repeat borrower, a private real estate investor. The 10-year, fixed rate loan was secured through one of Gantry’s correspondent life company lenders.

According to Gantry’s Mike Wood, “While we have seen a struggle between buyers and sellers to find harmony in today’s volatile market climate, we are seeing transactions return as price equilibrium emerges moving into the homestretch of 2022. For quality sponsors, life company lenders continue to be a stable resource for attractive fixed rate, long-term financing for acquisitions or refinances in this current environment. We continue to see the best rates offered to industrial assets that feature strong tenants with long-term leases in place.”

About Gantry
Gantry, a privately held company headquartered in San Francisco, is a full-service mortgage banking firm with an extensive lineup of correspondent lenders utilizing Gantry’s production, closing, and servicing capabilities. Established in 1991, Gantry is currently staffed by nearly 100 professionals in regional offices throughout the western United States and in New York with over 45 production teams that originated over $5.1 Billion in 2021, with 2022 production already surpassing $4.0 Billion YTD. The company’s national servicing platform of over $18 billion represents more than 2,100 loans located in 43 states. Gantry is rated as a Primary Servicer by Standard & Poor’s and is one of a select few non-banking/non-insurance-chartered companies with this designation.