By Jack Stubbs
Woodinville is in a period of transition as various projects continue to shape the fabric of the city in Washington’s King County, and another recent transaction indicates that interest in the city remains.
On Thursday, September 13th, the Sunrise Building, an office/warehouse property north of the Woodinville Town Center, sold for $10.625 million, or approximately $159 per square foot, according to public documents filed with King County. The buyer was Redmond-based technology company Redapt Inc., a developer and provider of customized data center hardware and services. The seller was RH Sunrise LLC, an entity affiliated with John W. O’Neill based in Seattle. The transaction was recorded on September 18th.
The seller was represented by David Gunther out of Colliers International’s Bellevue office.
Redapt Inc. did not respond to requests for comment about the transaction in time for the publishing of this story.
The Sunrise Building, built in 1998 located at 14051 NE 200th St., comprises 66,972 square feet of warehouse/office space. According to Colliers International’s flyer for the Sunrise Building, there are currently 16,486 square feet of office space available for lease across the first two floors.
At the time of the sale, there was a lease in place—which expires at the end of October—with NIC Global, who has another location in Woodinville, according to a representative from Colliers. The property, which will in future be occupied by the new buyer Redapt, was originally built for the The Sunrise Identity Company who is now based in Bellevue.
The property occupies a desirable location just minutes from downtown Woodinville and with easy access to Interstate-405 and State Route 522. The asset, which features six dock-high doors, energy-efficient lighting and 96 surface parking stalls, is approximately two miles north of downtown Woodinville and three miles east of Bothell.
There have been a number of transactions in Woodinville over the last few months. In mid-June, Tourmaline Capital sold the 86,510 square foot Woodinville Towne Center retail complex for $37.77 million, or approximately $436 per square foot, to TMY Woodinville Towne Center LLC. And on August 22nd, Windward Real Estate Services Inc. acquired thirteen parcels of vacant land—located at 14485 Woodinville-Redmond Rd.—for $16.2 million from Woodinville Village Partners LLC.
The thirteen parcels are adjacent to to where an approximately 24-acre master-plan development is in the works. Woodinville Wine Village, located at 14419-14421 Woodinville-Redmond Rd., is a 24.2-acre mixed-use village that could ultimately comprise over 750,000 square feet of residential, office, retail and wineries, according to MJR Development’s web site. According to Woodinville’s city manager, Brandon Buchanan, the new owner of the property is currently collaborating with the city to work through the entitlement process for the mixed-use development.