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February 23, 2023

A rare industrial offering … on Vashon?

By BRIAN MILLER
Real Estate Editor

Don’t even think about single-family housing; the property isn’t zoned for it. Image via MK Property Services [enlarge]
Don’t even think about single-family housing; the property isn’t zoned for it. Image via MK Property Services

Everyone knows how tight the industrial market is, but consider the peculiar market dynamics of Vashon Island. It's not near any highways; everything arrives and departs by ferry (or not, depending on WSDOT), and the tides make just-in-time logistics nearly impossible.

Yet a listing recently appeared for the former ski manufacturing plant at 19215 Vashon Hwy. S.W., now known as K2 Commons. The 18-acre property is in the middle of the island, with industrial and commercial zoning.

It last traded five years ago to Snoqualmie investors for a bit over $1.2 million, and then appears to have been vacant.

Mike Kirkland and Marielle De La Torre of MK Property Services are representing the seller, with no asking price. Six old buildings offer 177,235 square feet, with the largest of then encompassing 160,263 square feet. (It's the biggest structure on the island.) They're now home to 17 small tenants. The vacancy rate isn't stated, but looks to be over 67%. That cap rate is listed at 10%.

Of the total 18 acres, much of it parking, there's an over 6.3-acre north parcel that's undeveloped. But again: Housing developers, look elsewhere, since that's zoned for industrial use.

The old plant, which dates to 1946 and 1974 has a rich local history — among skiers and islanders, at least. Vashon resident Bill Kirschner founded K2 in 1961, and went into production three years later, according to HistoryLink. The company was a pioneer in fiberglass skis, and expanded rapidly. For a time, their red, white and blue stripes were ubiquitous on local slopes. Yakima's Phil and Steve Mahre famously won Olympic medals in 1984 on K2 skis.

Ownership changes for K2 and subsidiary JanSport came in 1976 and during the 1980s. During that decade, the company got a big boost from the new snowboard market. More ownership changes led eventually to the private equity firm Kohlberg & Co. Long out of the company, Kirschner died in 2007.

K2 decamped Vashon in 2006 for Seattle, where its offices are still located. Its skis and other gear are manufactured abroad.


 


Brian Miller can be reached by email at brian.miller@djc.com or by phone at (206) 219-6517.




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