By Jack Stubbs
The Medina Foundation, a private Seattle-based family foundation, recently bought an office and storage warehouse that is currently home to Wesmar-Western Marine Electronics. On Thursday November 30th, the building sold for $13.2 million, or around $160 per square foot, according to King County records. The asset was sold by Unico Properties, another Seattle-based real estate company that focuses on the acquisition and management of commercial and multifamily properties.
The property includes one building built in 1998, a one-story office/warehouse that comprises 82,300 square feet. Located at 14120 NE 200th St., the building sits on a nearly 5-acre parcel that is roughly two miles to the north of Woodinville and eight miles north of Redmond. The property is approximately two miles from the intersection of Washington State Route 522 and State Route 9.
The building is currently home to Wesmar-Western Marine Electronics, a company founded in 1965 that designs an array of sonar and fishing electronic equipment. Wesmar manufactures and provides products for commercial, pleasure and government vessels worldwide, according to the company’s web site.
The Medina Foundation, founded in 1947, is an organization that funds human service organizations that provide support for residents of the Puget Sound region, according to its web site. Medina supports organizations across 14 counties, addressing a wide array of human services such as homelessness, youth development, education and economic opportunity. Since its founding, the company has granted over $100 million in grant dollars to various services and organizations throughout Washington State, predominantly in King, Snohomish and Pierce counties.
Founded in 1953, Unico Properties acquires, manages and develops office and multifamily properties in Seattle, Portland, Denver and Austin, as well as throughout the Western U.S. The company currently owns and operates more than 13 million square feet of office properties, medical office buildings and multifamily residences nationwide, according to its web site.