By Jack Stubbs
Following up on its acquisition of two warehouse/manufacturing buildings in Renton in early April, California-based LBA Realty recently purchased two more properties in south King County.
On Monday, April 16th, LBA Realty, a real estate investment and management company, acquired two warehouse/manufacturing buildings in Tukwila and Kent—as part of two separate transactions—for a combined $14.55 million, according to public records filed with King County. The seller of both properties was an entity affiliated with Jan Brekke based in Medina, Washington.
Connor Downey, analyst with LBA’s corporate office in Irvine, declined to comment about the transactions.
Bill Condon and Matt McGregor of Colliers International represented the seller, a private investor, and procured the buyer, LBA Realty, in the sale of a two-building Kent Valley portfolio.
The first property in Tukwila, located at 720 Andover Park E., is a 68,216 square foot warehouse built in 1974, according to public documents. According to Google Maps, the property is currently occupied by furniture store Moe’s Home Collection. The property sits in close proximity to a number of other furniture and manufacturing stores including Discount Direct Furniture and Mattresses, manufacturer Red Dot Corporation and Diamond Window Tinting.
The property is approximately two miles south of Tukwila and four miles southwest of downtown Renton. Additionally, the building is about one mile from access to the intersection of Interstate-405 and I-5.
The transaction in Kent is for two parcels. The first parcel, located at 19000 East Valley Highway S., is a parking lot sitting on a 1-acre plot of land that totals 41,900 square feet. The second parcel, located at 19130 84th Ave. S., contains a 30,000 square foot warehouse built in 1979 that is currently occupied by Allied Building Products, a building materials supplier.
The two-parcel property sits approximately two miles to the southeast of the warehouse in Tukwila and is also roughly four miles to the north of downtown Kent. Additionally, the asset is about two miles from access to Washington State Route 167 and four miles from I-5.
LBA Realty’s capture of the manufacturing buildings in Tukwila and Kent follows on the heels of two other acquisitions that took place earlier this month. On April 4th, the company acquired two warehouse/manufacturing buildings in Renton totaling approximately 140,000 square feet for a combined $19.5 million from Seattle-based American Legend Cooperative.
LBA operates a diverse array of office and industrial properties in major markets throughout the western U.S. including California, Colorado, Washington, Oregon, Arizona, Nevada, Texas and Utah, according to the company’s web site. LBA’s office and industrial investment program focuses on properties with a target minimum purchase price of $10 million. Since 1995, LBA has acquired more than $5 billion in real estate assets on behalf of multiple investment funds, according to the web site.
LBA’s acquisition of the properties in Renton, Tukwila and Kent adds to the company’s already extensive Puget Sound region portfolio. In the surrounding region, the company operates industrial properties in Fife, Redmond, Auburn, Seattle, Everett and Kent, among other locations. Some of the company’s industrial assets in the region include two properties in Sumner totaling approximately 428,000 square feet; a 99,000 square foot property in Seattle; and the Emerald Corporate Park, a 203,528 square foot property located in Auburn.