JLL Industrial Capital Markets, as exclusive advisor, is pleased to present the opportunity to acquire the fee-simple interest in Cedar Business Park (the Property), a 43,800 square foot light industrial asset located on a 2.45-acre parcel in Redmond, WA. This strategic Property is centrally located within the highly sought-after industrial submarket of Redmond and is 100% leased to a mix of light industrial tenants, including Interior Woodworking Specialists (IWS), Microsoft (NASDAQ: MSFT), and Quinn the Eskimo Brass and Winds.
The asset boasts both exceptional connectivity to key transportation nodes as well as the uniqueness of its tenant spaces, most notably the mission criticality of the suites occupied by IWS and Microsoft. Cedar Business Park is an incredible acquisition opportunity, offering investors a substantial mark-to-market opportunity, with in-place rents 25% below market rates, over 80% of the rentable area rolling through Year 3, and value upside from projected demand as the Eastside’s light industrial submarket becomes increasingly supply constrained
- Diversified rent roll with near term value-add upside
- excellent location with convenient transportation
- Mission critical space use, backed by credit tenancy
- Light industrial supply constraints will drive future rent growth