12 Acre Sale in the Heart of Woodinville's Industrial Market

The Situation

BD Real Estate, a division of BDA, purchased the Woodinville Industrial site with the intention of building a 200,000 square foot warehouse/distribution facility. When BDA’s warehouse-needs changed, they hired NAI Puget Sound Properties to find a Buyer for the 12.36 acre (538,401 square feet) site in the heart of the Woodinville industrial market.

Our Solution

The property was first marketed as the Oasis in Woodinville in March of 2014. The Oasis turned into an Odyssey! Panattoni Development Company first had the property under contract in June 2014, but because they had several other projects under construction could not commit to closing on the property. After being available for three months, the property received four different offers within a one-week period! What was going on in Woodinville? The winning offer for the property was then with a foreign investor group interested in developing a high school age boarding school. At the same time, we received a formal backup offer in the event the first offer couldn’t perform on the property. After extending the due diligence period with non-refundable but applicable earnest money six different times, the foreign investor group was not able to close on the property. The backup offer buyer on the property was not able to perform either and Panattoni, fresh from their recent successes, came back to us to purchase the property. Panattoni went under contract in November 2015 and closed on the property on August 30, 2016.