After the acquisition of an asphalt production and paving company in Redmond, the site the company formerly used is now planned for redevelopment. Watson Asphalt Paving Co. was purchased by Lakeside Industries, an Issaquah-based family-owned construction company, according to a report from the Puget Sound Business Journal. The financial terms of the deal have not been disclosed. However, while the sale included Watson’s trucks and other assets, including a gravel pit located east of Black Diamond, the deal did not include the former company’s 12.5-acre headquarters.
Located at 19220 NE Union Hill Road, the site is planned for future redevelopment. Mike Schroeder, Watson’s secretary/treasurer, told the Business Journal that the Schroeder family is considering various options. These include selling the property outright, redeveloping it independently or forming a joint venture for redevelopment. No specific timeline has been set for this decision. The property is zoned for light industrial use.
Schroeder also said in the report that while the sale of the company is a bittersweet moment, it is the right time for the acquisition. His grandfather purchased the company in 1964, growing it from a small operation with just two dump trucks and basic equipment to a substantial fleet of heavy-duty trucks, along with a sand-and-gravel operation.
As the acquisition proceeds, the Watson brand will gradually be phased out, and Lakeside representatives expressed in the report that the acquisition is an excellent fit due to shared priorities and a focus on delivering quality services. Although differing significantly in size, with Lakeside boasting a workforce of 700 and Watson with 14, both companies share a similar history, dating back to the 1940s.
Lakeside Industries, with 10 locally managed regional divisions and 15 asphalt plants in Western Washington and Northwest Oregon, is a prominent player in the construction and asphalt industry.
That area of Redmond has seen additional sales transactions in the past year.
Microsoft last year acquired an eight-acre site east of downtown. According to previous reporting from The Registry, Microsoft purchased the asset for $37.6 million from Olympian Precast. Located at 19150 Union Hill Road, the property included a 3,2015 square foot building built in 1966.