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Black Creek Group Buys Two Industrial Properties For $87.6M

The Reserve @ Woodinville is one of two industrial properties purchased by Black Creek Group.

Denver-based Black Creek Group recently purchased two industrial properties for a combined $87.6M from a partnership between Panattoni Development Co. and LaSalle Investment Management Inc.

One is the newly constructed North Auburn Logistics, the other is The Reserve @ Woodinville. 

The North Auburn Logistics building, at 6607 South 287th St. in Auburn, is 265K SF on 15.3 acres of land. It is fully leased to Raymond Handling Concepts Corp., Holman Distribution and BMC East LLC.

Auburn is located in Pierce County, which leads the region for industrial commercial real estate growth. Earlier in 2019, Pierce County had 3.2M SF of industrial property under construction. 

The Reserve @ Woodinville, at 15902 Woodinville-Redmond Road, is 159K SF on 8.8 acres of land near Paine Field. Earlier this year, The Park at Woodinville sold for $47.2M.

Last year, Black Creek Group developed eight industrial properties totaling 3M SF in Northern California, doubling its former footprint.

Colliers International industrial experts Bill Condon, Matt McGregor, Derek Heed and Gregg Riva connected the sellers and buyer in the transaction.