By Jack Stubbs
On Monday, July 17th, a Safeway Distribution Center in Auburn, Washington sold for $144.5 million, or approximately $275 per square foot, King County records show. The buyer was RAR2 3520 Pacific Avenue LLC, an entity that shares the same address as Deutsche Asset & Wealth Management in San Francisco. The seller involved in the transaction—which recorded on December 18th—was Safeway, Inc. based in Idaho.
The buyer did not respond to calls for comment about the transaction in time for the publishing of this story.
The sale was for four separate parcels, according to public documents. The first parcel, located at 2921 C St. SW in Auburn, contains a 524,636 square foot Safeway Distribution Center. The Class C building, which was constructed in 2004, sits on approximately 102 acres. The three other parcels, located at 2921 C St. SW, comprise roughly 2.3 acres of vacant industrial land, according to public documents, whose ‘highest and best use’ is designated as manufacturing.
The Distribution Center is approximately two miles south of downtown Auburn, nine miles southeast of Federal Way and roughly fifteen miles east of downtown Tacoma. The property is also just a few miles from access to Washington State Route 167.
Deutsche Wealth & Asset Management, formerly known as RREEF, is the global alternative investment management business of Deutsche Bank’s asset management division, according to the company’s web site. The company operates through three divisions of real estate, infrastructure, and private equity.