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Pine Forest Properties Acquires Amazon-Leased Industrial Building From KKR In Everett For $51M
SOLD
$51,000,000
Washington
See Similar DealsIndustrial
Sold 03/28/2025
SOLD
Pine Forest Properties Acquires Amazon-Leased Industrial Building From KKR In Everett For $51M
607 Riverside Road
See Similar DealsIndustrial
Sold 03/28/2025
Summary
WASHINGTON
Asset Type:Industrial
Transaction Type:Sale
The asset involved in this transaction is an Amazon-leased industrial building located at 607 Riverside Road, Everett, WA. The property was sold for $51,000,000. Developed in 2019 as part of Riverside Business Park, the fulfillment center will continue its lease with Amazon after the sale.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: $51,000,000
- Buyer: Pine Forest Properties
- Seller: KKR
- Previous Sale Price by Seller: $45,100,000
- Lease: Amazon
Pine Forest Properties has acquired the property from KKR, which originally purchased the site in 2020. The ongoing relationship with Amazon is a critical aspect of this transaction, as the fulfillment center will retain its lease with the company following the change in ownership.
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,719,999.99
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$181,192.23
Cash-on-Cash Return-1.27%
Monthly Debt Service$241,766.02
Annual Debt Service$2,901,192.23
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