Fortress Investment buys Cutwater Boats factory in Auburn for $9.5 million

Fortress Investments purchased the former Cutwater Boats factory in Auburn.

The 4.5-acre site, which includes a 27,000-square-foot building, is at the heart of one of the nation’s most powerful industrial markets – the Green River Valley – at 147 37th St. NE, said Kidder Mathews Senior Vice President Matt Murray. , who represented Fortress and the seller, JJL LLC.

The $9.5 million deal closed on September 8.

“Auburn is a very attractive industrial market,” Murray said. “Investment companies are continuously looking for industrial opportunities there. It was just when the seller was ready to sell.

Fortress was able to split the deal with a sale-leaseback on one half of the property while it works to develop the back half of the property for a future tenant lease.

“Both the seller and buyer have been very patient and creative in devising a plan to keep the owner-user on the property, while finding a way to improve the other half of the property to create value. It’s a real win-win for both parties,” Murray said.

“Cutwater Boats has been in business for years and will be in business for years to come,” Murray said, noting that sister locations in Arlington and Monroe, Wash., will not be affected by the acquisition.

Kidder Mathews is the largest independent commercial real estate company on the West Coast. The company completes $10.9 billion in transactions, manages 52 million square feet of space, and performs more than 2,600 appraisals annually.

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