Fortress Investments has purchased the former Cutwater Boats factory in Auburn.
The 4.5 acre site, with includes a 27,000-square-foot building, is in the heart of one of the strongest industrial markets in the country — the Green River Valley, also known to some as the Kent Valley — at 47 37th St. NE.
The $9.5 million deal closed on Sept. 8.
“Auburn is a very appealing industrial market,” said Kidder Mathews Senior Vice President Matt Murray. “Investment companies are continually looking for industrial opportunities there. This was just the time that the seller was willing to sell.”
Fortress was able to separate the deal with a leaseback on half of the property while it works toward developing the back half of the property for a future lease to a tenant.
“Both the seller and buyer showed great patience and creativity to devise a plan to keep the owner-user on the property, while finding a way to improve the other half of the property to create value. This is a true win-win for both sides,” said Murray.
“Cutwater Boats have been in operation for years and will remain there in business for years,” said Murray, noting that sister sites in Arlington and Monroe, Wash., will not be affected by the acquisition.
Kidder Mathews is the largest independent commercial real estate firm on the West Coast. The firm performs $10.9 billion in transactions, manages 52 million square feet of space, and conducts more than 2,600 appraisals annually.