Home Commercial ArcLight Capital Partners Buys 12.8-Acre Property in Harbor Island-Industrial District for $15MM

ArcLight Capital Partners Buys 12.8-Acre Property in Harbor Island-Industrial District for $15MM

By Jack Stubbs

ArcLight Capital Partners has recently purchased another industrial asset, an acquisition that furthers the company’s aim of targeting energy infrastructure properties.

On Wednesday, November 1st, a 12.8-acre property in West Seattle’s industrial district sold for $15 million, according to public records filed with King County. The buyer was Boston, Massachusetts-based ArcLight Capital Partners, a private equity firm focused on energy infrastructure investments. The seller was BP Global, the global oil business.

The buildings on the property total 557,420 square feet. According to a property report by Data Tree, there are five buildings on the site, one of which is a single-story building that totals 33,848 square feet that was constructed in 1941.

The property is currently occupied by ARCO, a petroleum station, and the BP Harbor Island Terminal, a petroleum products company. It is not clear at this time what ArcLight Capital plans to do in terms of leasing the property.

Located at 1652 SW Lander St., the nearly 13-acre property is two miles from Seattle’s industrial district and four miles from the center of West Seattle. The property is roughly one mile from access to Washington State Route 99 and about four miles from access to Interstate-5.

Founded in 2001, ArcLight Capital Partners utilizes an asset-based private equity approach to investing in the dynamic energy sector. The company has invested roughly $19 billion in over 100 transactions since its founding, according to its web site. ArcLight’s investment team targets midstream, power and production property opportunities that have substantial growth potential, significant current income and meaningful downside protection, according to the company’s web site.

BP, founded in 1909 in London, U.K., is a global energy business involved in every aspect of the complex energy system, according to the company’s web site. The company tracks, trades and delivers the world’s energy in real time, according to its web site, operating in 72 countries world wide. The company’s longterm goal is to shift to gas and advantaged oil by investing in large-scale gas projects, pursuing quality oil projects in core basins, and seek out new opportunities in selected regions. By 2021, BP plans for roughly 75 percent of its planned start-ups to be in gas projects, according to the company’s web site. Additionally, the company aims to optimize its portfolio by making investments with the potential to deliver long-term value with the goal of increasing earnings or cash flow within a short time-frame.