BearRock Investments LLC
3317 Industrial Campus
3317 3rd Avenue S. Seattle, Washington
~ 10 Year Hold | Targeting 21% IRR
Active
Purchased distressed project in Opportunity Zone, thereby shielding capital gains. Leased two of three buildings to Dowbuilt Construction prior to close of purchase. Planning ~55,000 SF building on vacant lot.
Project Type | Source | Size | Acquisition Price | Sale Price |
|---|---|---|---|---|
Industrial/Office | Industry Relationship, on the market | 74,000 square feet in three buildings, plus 22,000 square foot vacant lot | $12,550,000 | Not yet sold |
Property is in a federally designated "Opportunity Zone." Purchased all cash (no debt) and shielded capital gains with the acquisition. Plan to hold 10 years and then no capital gains will be due on sale. Prior to purchase, leased the two industrial buildings and the vacant lot to local, high-end residential construction firm, bringing the project 90% leased. Industrial/land tenant is planning substantial improvements to existing buildings and anticipates constructing new building on vacant parcel in the near term, or the investors will develop a building for lease to third parties.
