By Jack Stubbs
On Thursday November 30th, an office/warehouse building in Woodinville sold for $13.2 million, or around $160 per square foot, according to King County records.
The buyer of the property was NWB Wesmar LLC, an entity that shares the same address in Seattle as Northwest Building (NWB), an industrial development company that operates in several major markets across the West Coast and has developed more than five million square feet of industrial space across the Puget Sound region’s premier industrial parks.
The asset was sold by Unico Properties, a Seattle-based real estate company that focuses on the acquisition and management of commercial and multifamily properties.
The subject 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.
NWB has developed more than five million square feet across several industrial properties throughout the Puget Sound region, some of which include Lakewood Industrial Park, Fife Commerce Center, Port Commerce Center, Valley Centre Corporate Park and Puyallup Industrial Park, according to the company’s web site. The company’s development history also includes commercial and retail properties.
NWB has invested over $200 million in recent acquisitions throughout the Puget Sound region, including Valley Freeway Corporate Park, Totem Lake Commerce Center and Willows Business Center, according to the firm’s web site, and the company’s preferred acquisitions range from $10 million to $50 million.
The company’s current development activity is focused on urban infill self-storage projects, including ground up developments, redevelopments, and adaptive re-use projects.
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.