EDITOR’S NOTE: (According to public documents, CenterPoint paid $44.515 million for the asset. The seller was Iron Mountain, a data and records management company.)
OAK BROOK, IL. – CenterPoint Properties is pleased to announce it has acquired a distribution facility at 19826 Russell Road in Kent, WA. The asset is located in the highly coveted Kent Valley, at the epicenter of Seattle’s industrial market.
The 240,106 SF facility covers just 31% of the 17.58-acre property. The building has undeveloped land behind it, providing future development flexibility or an opportunity to expand the on-site parking. CenterPoint has a track record of acquiring low-coverage facilities that can consistently accommodate an above-market parking requirement.
The shallow-bay facility is equipped with 24’-32’ clear heights, 88 dock-high doors and 176 auto stalls. With immediate access to the I-5, the site is just 14 miles from the Port of Seattle, 20 miles from the Port of Tacoma, and is less than 10 miles from King County Airport and Seattle-Tacoma International Airport.
“The North Kent Valley is the proverbial bellwether for the Puget Sound industrial market,” said Ryan Dunlap, Senior Vice President of Investments. “The combination of infrastructure, planning and proximity have positioned the market as a premier West Coast location.”
The industrial real estate outlook in Kent continues to be healthy, given its standing as one of the nation’s largest manufacturing and distribution hubs. The submarket has proximity to many aerospace and e-commerce companies and is strategically located near two ports, airports and rail services. Industrial supply and land constraints continue to drive high demand from industrial users.
“The asset exemplifies our unwavering focus on high-throughput logistic buildings,” said Greg Pearson, CenterPoint Vice President of Investments.
Jason DeWitt of JLL brokered the sale-leaseback with the seller, a global leader in storage and information management services.
About CenterPoint Properties
CenterPoint is an industrial real estate company made up 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—that 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.