Seattle, WA — U.S. Homeport has placed its Lake Union asset on the market for sale. The urban marine facility is positioned on nearly ten acres at 1801 Fairview Avenue East.
Ownership has selected Jackson Capital Group (JCG) to facilitate the disposition. Mark Jackson Jr., Managing Director at JCG will lead the sale effort. Jackson says, “This transaction represents the first of its kind this cycle. Very rarely do you see this kind of footprint, in this kind of location. With Clarion’s recapitalization of Alexandria’s (ARE) three building, life science portfolio in SLU and the consistent demand for industrial product, investors should be bullish on the offering. For almost every asset class, Lake Union has been Seattle’s epicenter.”
ARE acquired the $143.5M Mercer Mega Block in 2019. The 2.86-acre site is less than two miles from US Seafood’s. “Cities of Seattle’s size seldom have underdeveloped acreage in the urban core, let alone parcels that are five minutes from Downtown, in the city’s best submarket and on the water,” said Jackson.
While transactional volume decreased across all product sectors in 2020, the Puget Sound industrial market is resurging to pre-pandemic levels – $607M traded in Q4 2020. The current vacancy rate for In-City industrial is 3.6 percent, according to sources that track this data. Seattle’s urban industrial market has a total inventory of 44M square feet without any new projects slated for development.
About US Homeport
The US Homeport facilities primary activity has been in the providing of office space and warehousing, along with vessel maintenance, vessel repair and moorage for fleets and vessels engaged in fishing and seafood busines in Alaska.
About Jackson Capital Group
Jackson Capital Group (“JCG”) focuses exclusively on investment advisory services to corporations and individuals within the office and industrial sectors. The company’s mission is to create value for its clients through creative, actionable ideas and flawless execution.