Home Industry News CenterPoint Properties Acquires 342,869 SF in South Seattle for $73MM

CenterPoint Properties Acquires 342,869 SF in South Seattle for $73MM

Seattle, CenterPoint Properties, 5900 First Avenue South, industrial property portfolio, acqusition, Neil Walter Company, King County
Image courtesy of CenterPoint Properties

(EDITOR’S NOTE: According to King County records, the three parcels located at 5900, 5960 and 5990 1st Avenue South in Seattle sold for a combined $73 million).

OAK BROOK, IL – CenterPoint Properties is proud to announce the acquisition of a two-building portfolio consisting of 342,869 SF at 5900 and 5960-5990 1st Avenue South in Seattle, Washington. The buildings are located on 11.58 acres and are 100 percent leased. Jim Honan and Kevin Skillestad and of Neil Walter Company represented CenterPoint in the transaction.

“These buildings represent the last institutional quality assets of scale in the South Seattle market,” said Ryan Dunlap, Senior Vice President of Investments at CenterPoint. “The project is strategically located at the gateway of Seattle and will undergo an extensive capital program along with a rebranding.”

The project is leased to seven tenants ranging from 10,000 to 75,000 SF.

“We are confident the variety of market sized units positions the building strategically in a smaller footprint market,” said Greg Pearson, Vice President of Investments at CenterPoint.

This portfolio has proximity to major transportation hubs, including immediate access to Route 509 and Interstate 5. In addition, the buildings are strategically situated two miles from the Port of Seattle, 3.5 miles from the Seattle Central Business District and 29.5 miles from the Port of Tacoma. Site features include above market auto parking and truck court depths.

About CenterPoint Properties
CenterPoint Properties is focused on the development, acquisition and management of industrial property and transportation infrastructure that enhances business and government supply chain efficiency. The Company invests in major coastal and inland port logistics markets anchoring North America’s principal freight lanes. CenterPoint‘s portfolio includes 58.9 Million SF and 2,386 acres under development in the Company’s integrated intermodal industrial parks. For more information on CenterPoint Properties, visit centerpoint.com or follow @centerpointprop on Twitter.