Seattle, Wash. (April 29, 2024) – CenterPoint Properties has sold Pike Distribution Center, a 108,000-square-foot industrial property in Auburn, Washington, for $26,650,000 (about $247 per square foot). Kidder Mathews Executive Vice Presidents Kraig Heeter, SIOR and Mike Newton represented KRL Legacy, LLC., an entity of Ace Relocation System, Inc., in purchasing the property. CenterPoint was represented by Kidder Mathews Executive Vice President Matt Murray along with Matt Wood of KBC Advisors.
Pike Distribution Center is situated in the Kent Valley industrial hub and conveniently located near major confluences of Interstate 5, State Route 167, and Highway 18, minutes from the Port of Tacoma and SeaTac Airport. It is a 25-foot clear-height building with secured and fenced trailer parking.
“Pike Distribution Center presents a unique opportunity with its rare dual-loaded orientation and expansive yard area. These features make it an ideal home for any business, ensuring its longevity,” said Murray.
There has been a rise in owner/user acquisitions in the Kent Valley. KRL Legacy will operate part of the property. The 50,400 square feet of unoccupied space is being marketed for lease by Heeter
and Newton.
“The user has been looking for an opportunity like this for many years and initially focused on developing raw land,” said Heeter. “However, high construction costs and a long entitlement process made this difficult. The pause in institutional demand allowed them to purchase an existing building at a discount compared to the peak of the market 12 months ago.”
“The exceptional freeway access and the thriving warehouse market in the Kent Valley make Pike Distribution Center a compelling long-term investment,” said Newton.
About Kidder Mathews
Kidder Mathews is the largest independent commercial real estate firm on the West Coast, with over 900 real estate professionals and staff in 19 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, asset services, consulting, and debt & equity finance services for all property types. The firm performs $10 billion in transactions, manages 51 million square feet of space, and conducts 2,600 appraisal, consulting, and cost segregation assignments annually (3-year average).
