By Kate Snyder
The industrial market in Kent saw another sales transaction recently, showing that investors continue to be attracted to the city. A warehouse on the city’s north end traded hands for $15 million, or approximately $193 per square foot, according to King County property records. The buyer was an entity that shares an address with Kyokuyo America, a food production company based in Seattle with a specific focus on production and sales of marine products. The seller was an entity affiliated with American Foods Group.
Located at 7622 S 188th St., the warehouse totals about 77,655 square feet and sits on approximately 6.3 acres, property records show. The two-story building was constructed in 1987 and consists of office space as well as cold storage facilities. The site is located in an industrial and commercial area within the city, and nearby businesses include IKEA, a Starbucks roasting plant and an Amazon fulfillment center as well as the Springbrook and West Valley business parks.
American Foods Group is based in Green Bay, Wis., and specializes in delivering meat products to retailers throughout the country, according to the firm’s website. The company offers ribeye, t-bone, sirloin and loin strip steaks as well as processes more than 1.5 million pounds of fresh ground beef every day. The firm is a privately held and family-run company that has been in operation for more than 70 Years and employs more than 4,500 employees across the country.
American Foods Group is owned by Rosen’s Diversified, Inc., which was founded in 1946. RDI provides agriculture products, operates one of the industry’s largest beef processing companies and commands a fleet of more than 500 trailer trucks, according to the company’s website. RDI exports its own brands to more than 40 countries around the world. The firm comprises Rosen’s Inc., American Foods Group, America’s Service Line and Scientific Life Solutions.
Kent’s industrial market has seen other sales activity in the past six months.
Late last year, the city’s Pacific Gateway Industrial Park traded hands for $260 million, or about $315 per square foot, according to The Registry’s previous reporting. The seller was an entity affiliated with Link Industrial Properties, Blackstone’s industrial affiliate, which originally developed the property with Panattoni Development Company, an international development firm. The buyer was an entity affiliated with Property Reserve, Inc., which is the commercial real estate investment arm of The Church of Jesus Christ of Latter-day Saints. Located at 20301 59th Place S., Pacific Gateway is an 823,544 square foot complex spread across six buildings.
