Rreef, Capstone Developing Spec Industrial Park

RENTON, WA-Rreef America LLC and Capstone Partners LLC have begun construction here on the first phase of Oakesdale Commerce Center, a 525,000-sf speculative industrial park. The first phase will include 353,000 sf on eight buildings that are being marketed for lease and for sale, in whole or in part. Completion is expected in September.Three of the buildings will have 16-foot high clearances suitable for offices. Five will have 24-foot clearances appropriate for manufacturing and warehousing. A second phase of 150,000 sf is planned and will likely start next year. San Francisco-based Rreef owns the property and Seattle-based Capstone Partners is the developer. Puget Sound Properties has the marketing assignment. “Oakesdale Commerce Center is unique because businesses will be able to own or lease part or all of a building,” says Terry Rennaker, a principal with Capstone Partners. “Zoning regulations in Renton permit zero lot lines in business parks, which make it easier to sell parts of buildings.”The $25-million project is located at SW Oakesdale and 34th Ave. SW. The 33.6-acre site was previously owned by the Seattle Times, which planned to build a printing plant there.Capstone Partners’ Mike Hubbard tells GlobeSt.com the asking shell rental rates range from $0.39 per sf per month to $0.53 per sf per month, depending on the building. The surcharge for office space is $0.70 per sf per month.