Cascade RCL, LLC, a local real estate business, has sold The Cascade Building, a 10.33-acre industrial park located in the Eastown Jobs Center of Bonney Lake, WA, with 184,000 square feet of building space, for $41,000,000. The buyer is Walter E. Nelson Co., a Portland-based privately owned supplier and manufacturer of facility cleaning supplies and equipment. Kidder Mathews Executive Vice President Matt McLennan, SIOR, CCIM, and Executive Vice President Kraig Heeter, SIOR, represented Cascade RCL.
The Cascade Building is at 9713 233rd Avenue East in Bonney Lake, Washington. It is a unique Class A industrial tilt-up building featuring all the amenities of modern industrial construction in a campus-like setting. It represents the most significant dollar value of a property sale ever in Bonney Lake and in Pierce County in the last year.
The Bonney Lake industrial market and demand for industrial properties there continues to grow. Owners/users are actively seeking facilities to purchase for their business instead of renting. The buyer is fond of the Bonney Lake area and is moving from their current location in Auburn, Washington.
“It is rare to see an owner/user sale of a building this size, let alone a transaction this size in the current market,” said McLennan. “We had to get creative on structuring the close date to accommodate a 1031 exchange, as well as factor in a leaseback for the seller’s business to facilitate the sale and the eventual move-in of the new owner. “Peak Design, the developer of The Cascade Building, is a prominent developer in the Bonney Lake submarket and Pierce County. They are currently focused on their next project, Peak 410, which features up to seven buildings and nearly one million square feet of additional Class A industrial space.
About Kidder Mathews
Kidder Mathews is the largest independent commercial real estate firm on the West Coast, with over 900 real estate professionals and staff in 20 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, asset services, consulting, and debt & equity finance services for all property types. The firm performs $12 billion in transactions, manages 53 million square feet of space, and conducts 2,800 appraisal, consulting, and cost segregation assignments annually. For more information, visit kidder.com.