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February 8, 2024

PCCP loans $25M for Woodinville deal

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The Reserve at Woodinvill

As the DJC reported last month, CapRock Partners of California paid over $34 million for an industrial building at The Reserve at Woodinville, thus making its debut in our market. It now has an industrial portfolio of some 30 million square feet. The new owner said this month that its brokers were Michael Kendall, Gian Bruno, Kenny Patricia, Matt McGregor and Bill Condon at Colliers. CapRock's Bob O'Neill said in a statement, “The Puget Sound area is a dynamic economic region, and we are excited to raise the CapRock banner here.” Separately, PCCP said that it supplied a $25 million loan for the deal, which was arranged by JLL's Greg Brown, Peter Thompson and Kaden Eichmeier. PCCP's Dorian Farhang said, “This institutional-quality asset was acquired at a discount to replacement cost, and is located in the Eastside industrial market, which is currently the top-performing submarket within the Puget Sound industrial area.”




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