By Kate Snyder
Another industrial lease has been recorded in Kent. Top Pot Doughnuts has leased nearly 30,000 square feet of space in a manufacturing facility owned by Pietromonaco Jackson Properties, according to an announcement from PJP.
Located at 6004 S 190th St., the building spans 101,093 square feet, and Top Pot plans to occupy 28,633 square feet on the first floor. According to a marketing brochure from NAI Puget Sound properties, the site is adjacent to Briscoe Park and has immediate access to the Green River Trail as well as close proximity to Westfield Southcenter. The asset is centrally located between Seattle, Bellevue and Tacoma and is positioned minutes away from SeaTac International Airport.
Based on Mercer Island, Pietromonaco Properties is a commercial real estate investment company that owns and operates industrial, office and retail properties throughout the Pacific Northwest, according to the firm’s website. The company has for years been active in the Puget Sound region.
The Kent Valley has seen multiple tenants filling up industrial space in recent months.
According to a Puget Sound Industrial Figures Q1 2024 report released by CBRE, Eagle Beverage signed a new lease for 120,599 square feet at Stryker Business Center in Building 1A. The property owner is an entity affiliated with IDS Real Estate Group in partnership with Clarion Partners.
According to the CBRE report, the Kent Valley market has experienced a slow quarter, posting 493,462 square feet of negative absorption. Inventory was bolstered by the delivery of 1.02 million square feet in the Federal Way submarket at Bridge Point Seattle I-5, built by Bridge Industrial. Rental rates remained the same as the fourth quarter of 2023, holding at $1.07 per square foot. The Kent Valley market, however, reported a rise in vacancy to 6.2 percent. Market activity was also unusually low for the first quarter of the year, with slow leasing momentum, delayed construction starts and no rent growth, which was primarily driven by macroeconomic headwinds facing wholesalers and 3PLs.
