Home Finance 19,200 SQFT Industrial Property in Lakewood Sold for $3.4MM

19,200 SQFT Industrial Property in Lakewood Sold for $3.4MM

Marcus & Millichap, Lakewood, Seattle, Joint Base Lewis McChord

LAKEWOOD, WA, December 9, 2022 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of 2520 112th St S, a 19,200-square foot industrial property located in Lakewood, WA, according to Joel Deis, regional manager of the firm’s Seattle office. The asset sold for $3,380,000.

Matthew Herman and Stren R. Lea, investment specialists in Marcus & Millichap’s Seattle office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The Buyer is a locally-owned vehicle upfitter for law enforcement agencies and will occupy the property for their own use.

2520 112th St S is located at the North end of Joint Base Lewis McChord’s airfield in Lakewood, Washington, which created unique challenges to the sale. As a measure to limit risk to life and safety from aviation-related accidents, the City of Lakewood has established “Clear Zone” zoning that requires special government & military approval for new uses that covers much of the neighborhood. Matthew and Stren worked throughout the marketing campaign and escrow to ensure a successful use application for and transition to the new owner and their business.

About Marcus & Millichap (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and financing professionals in 82 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion.