Bellevue, WA-based industrial REIT Terreno Realty Corporation has acquired a portfolio of industrial properties located in Woodinville, WA for approximately $232.6 million in what is reportedly King County’s largest real estate deal year to date. The Puget Sound Business Journal reported that the seller in the off-market deal was Blackstone’s Link Logistics.
The portfolio consists of nine industrial distribution buildings containing approximately 720,000 square feet on 42.8 acres. The properties are on Woodinville-Redmond Road and are approximately 91% leased to 26 tenants.
The portfolio is part of a multi-market portfolio of approximately 1.2 million square feet, including two buildings in Miami and one building in Northern New Jersey for a total expected purchase price of $426.9 million. Terreno expects to close on the remainder of the multi-market portfolio in September 2025. The estimated stabilized cap rate of the multi-market portfolio is 5.0%.
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