(EDITOR’S NOTE: According to public documents reviewed by The Registry, the property sold for $14.2 million. The seller was an entity associated with the McTaggart family.)
OAK BROOK, IL – CenterPoint Properties has invested in a 4.5-acre property at 913 Central Ave. S, giving it a nearly 11-acre pairing near the Ports of Seattle and Tacoma and a central location to the area’s growing population. The low-coverage asset is adjacent to a more than 6-acre property the company acquired in 2016.
CenterPoint’s 26th Seattle-area acquisition has immediate access to SR-167 and is a short drive from the I-5 highway. The location offers efficient access to the region’s affluent consumer base and the lifeblood of the region’s logistics infrastructure, the Ports of Seattle and Tacoma – 22 and 14 miles away, respectively.
“CenterPoint is especially keen on building mass near our portfolio of high-quality port and transportation-advantaged properties in America’s top coastal industrial markets,” said JP Perez, CenterPoint’s investment manager in the West Region. “Investing in this property and this submarket is a flush fit with CenterPoint’s long-term investment philosophy due to the ability to amass property level scale and create future optionality for our portfolio,” Perez added.
The 4.5-acre site and its 19,744-square-foot warehouse are available for lease immediately. CenterPoint leaders hope to capitalize on the market leasing demand for low-coverage sites. The subject property has a 10 percent site coverage and can accommodate parking for 87 trailers and 20 cars, making it optimal for port users looking for outdoor storage and parking in a market where space is at a premium.
“Leasing demand for low coverage sites in the Kent Valley remains strong, and we’re excited to offer this site for lease effective immediately,” said Evan Lippow, CenterPoint’s senior vice president of investments in the West Region. “CenterPoint will continue to prioritize assemblage opportunities in the nation’s premier infill industrial markets, where there is consistent leasing demand for low-coverage real estate and high barriers to entry for future development,” Lippow finished.
Jim Honan of Neil Walter Company brokered the off-market acquisition of 913 Central Ave. S and will represent CenterPoint in leasing the immediate vacancy.
About CenterPoint Properties
CenterPoint is an industrial real estate company made of dedicated thinkers, innovators and leaders with the creativity and know-how to tackle the industry’s toughest challenges. And it’s those kinds of problems — the delicate, the complex, the seemingly impossible — we relish most. Because with an agile team, substantial access to capital and industry-leading expertise, those are exactly the kinds of problems we’re built to solve.