OAKESDALE COMMERCE CENTER
Renton, WA
Property Development
Transaction Size: 28 Acres
Transaction Value: $8,850,000 (raw land)
The Situation
The former Seattle Times land site (28 acres) was coming on the market available for sale. This site was located at the north end of the Kent Valley in Renton. Realizing what a great opportunity this site offered, NAI Puget Sound Properties convinced RREEF to purchase the site with an analysis indicating that even at a price above $7 per square foot for the raw land (a near record number at the time), the right design and marketing strategy would still generate a high-yield return for RREEF. RREEF completed the purchase of the site in December 2003 and started construction in Spring 2004. The west side of the project, which consisted of eight buildings totaling 350,000 square feet, was completed in the Fourth Quarter 2004.
Our Solution
Within a little over four months of its completion, approximately 168,901 square feet has been leased and approximately 92,000 square feet has been sold with another 98,000 square feet currently tied up with signed letters of intent. The prices on the east side of the creek were the highest prices paid by users for a building of that size at the time of this report. Due to the success of Oakesdale Commerce Center, RREEF also purchased an additional 25-acre land parcel from Boeing in the Kent Valley and is in the process of designing another project. NAI Puget Sound Properties sat in on the construction meetings of this project as well as the design and layout meetings for the west side of the property.