(EDITOR’S NOTE: According to Pierce County public records, the property sold for $21.3 million.)
Seattle, Wash. (October 27, 2022) – An industrial property located at 1000 Butte Avenue SE in Pacific, Washington sold to Zenith Industrial Outdoor Storage (IOS) in a transaction that closed today. Kidder Mathews Executive Vice President and shareholder Matt Murray represented Zenith. The seller is Butte Ave Properties, LLC.
The property is an industrial outdoor storage yard comprising six buildings on 11.6 acres. Zenith purchased the property as is with the intention to lease it out as an investment. Part of the appeal was its proximity to the ports of Seattle and Tacoma and its relativity to the core industrial market in Kent Valley.
“It was an honor to represent Zenith in their first transaction in the Pacific Northwest,” said Murray. “This transaction exemplifies the growing interest in industrial outdoor storage as well as attractiveness of the Puget Sound market. Hats off to both buyer and seller to navigate this turbulent market and work together to get this deal across the finish line.”
About Kidder Mathews
Kidder Mathews is the largest independent commercial real estate firm on the West Coast, with 900 real estate professionals and staff in 20 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, asset services, consulting, project and construction management, and debt & equity finance services for all property types. The firm performs $10.9 billion in transactions, manages 52 million square feet of space, and conducts over 2,600 appraisals annually.