Home Commercial Warehouse Sales Continue Across Puget Sound, with Carnation Property Trading for $14MM

Warehouse Sales Continue Across Puget Sound, with Carnation Property Trading for $14MM

MainVue Homes, Tolt River Terrace, Carnation, Earth to Earth LLC
Site Drawing, Courtesy of the City of Carnation

By Meghan Hall

While transaction volume is down for most product types, warehouse and industrial sales are continuing throughout the Puget Sound at a steady pace for a variety of reasons. While some investors are maintaining industrial assets as e-commerce continues to thrive, others are purchasing tracts of industrial land for redevelopment. In Carnation, Wash., on the outskirts of King County, investors have snapped up a Tolt Avenue property for $14 million. In a transaction that closed at the end of June, Bellevue-based MainVue Homes, a worldwide homebuilder, purchased the site from Earth to Earth Properties LLC with the intent of redeveloping the site.

The warehouse is located at 3660 Tolt Ave. and is currently developed with a wood frame industrial building constructed in 1993. The building totals 13,520 square feet and sits on 12.7 acres. Two additional parcels, totaling an additional 20 acres and just adjacent to the 3600 block of Tolt Ave., were also included in the transaction.

According to planning documents filed with the City of Carnation, MainVue plans to redevelop the property into 133 residences. Called Tolt River Terrace, MainVue first submitted plans to the City in July of 2019. Approvals have not yet been finalized by City officials, but the project’s application indicates that 114 of the units will be single-family residences, while the remaining 19 will be designated as multifamily homes.

MainVue, part of the Henley Properties Group, builds homes for more than 13,000 buyers around the globe, including in countries like Australia and Japan. The firm focuses on building luxury homes and has communities throughout Washington, including in Bothell, Gig Harbor, Kirkland, Lake Stevens, Renton and Sammamish. 

Carnation has a number of single-family development projects underway. According to the City’s website, there are 15 single-family projects underway. Most of these projects are smaller and include just a few units. The two other largest single-family developments in the pipeline include Tolt Meadows, proposed by John Day Homes on the 33300 Block of NE 45th St., and Brooktree Estates, proposed by Hultquist Homes just adjacent to Tolt Meadows at the 33200 Block of NE 45th Street. The two projects would bring 28 and 20 new homes, respectively to Carnation. However, Tolt River Terrace remains the largest proposed development thus far.