Bothell 405 Industrial Development Site — Sale in Bothell, WA
- Price: Contact for price
- Listing type: For sale
- Asset type: Office
- Location: Bothell, WA 98021
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Description
JLL, as exclusive advisor, is pleased to present the opportunity to acquire the Bothell 405 Industrial Development Site, “the Site” or “Bothell 405”, a generational, 57-acre, industrial redevelopment opportunity within the premier Eastside corridor. The Site currently features four R&D / office buildings totaling 603,747 square feet. Prior to demolition, Buildings A, B and D will benefit from a future ± 18-month sale-leaseback to Koninklijke Philips (NYSE: PHG, S&P: BBB+), providing developers with revenue upside to offset development costs. Building C is anchored by a long-term lease to Juno Therapeutics, a Bristol-Myers Squibb company (NYSE: BMY, S&P: A), offering investors with immediate, existing credit-backed income. The Site is an outlier relative to its competitive set offering ± 10 -megawatts of power and a highly flexible zoning designation. With the ability to develop on over ± 25.68 acres of usable land, the Site presents a rare opportunity to develop up to 566,015 square feet of distribution product in a submarket that has seen only two industrial buildings over 100K square feet constructed since 2000. Bothell is an extremely sought after industrial market, consistently outperforming the greater Puget Sound. Concentrated with investment grade tenancy, the Eastside’s booming tech hub houses some of the largest economic drivers in the region including Microsoft, Meta, and Google. Bothell has experienced significant growth as evidenced by the surrounding population growing 26% since 2010, along with consistent in-migration which has created a deep, highly educated workforce, fueling an ecosystem of leading global and regional employers. With unmatched arterial connectivity throughout the Eastside, Northend, and Seattle, the location ensures superior access to not only a highly affluent and growing labor force, but connectivity to the region’s major multi-modal transportation networks. The Bothell 405 Industrial Development Site presents one of the largest
Market Context
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Contact
- Buzz Ellis, SIOR · 5039728091 · buzz.ellis@jll.com
- Rachel Jones · 2063364683 · rachell.jones@jll.com
- Sam Ziemba · 4259744005 · sam.ziemba@jll.com
- Mark Katz · 8472743316 · mark.katz@jll.com
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