(EDITOR’S NOTE: the sales price of the distribution center was $49 million, or approximately $166 per square foot, according to public records filed with King County).
OAK BROOK, IL – CenterPoint Properties is proud to announce the acquisition of a 294,912 SF distribution center at 7650 South 228th Street in Kent, Washington. Located on 14.38 acres, this low-coverage site will be leased by a diversified logistics solutions provider. Thad Mallory of Kidder Mathews represented CenterPoint and the seller in this off-market transaction.
“We are excited to continue our momentum in the Greater Seattle Area and bring this property into our active West Coast Portfolio,” said Ryan Dunlap, Senior Vice President of Investments at CenterPoint. “The combination of a 1 per 3,553 SF dock ratio and a 1.76 stalls per door ratio positions the asset at the crossroads of e-commerce and port logistics.”
The building includes an above market standard door count with 78 exterior docks, all equipped with full packages. Additional property features include 30’ clear height and 137 on-site trailer parking positions.
“Situated on the 50 yard line of the Kent Valley, the asset will compete with any new construction,” said Greg Pearson, Vice President of Investments.
The property’s proximity to the Ports of Tacoma and Seattle allow up to four daily trips to each port. The site offers direct access to two primary thoroughfares that border Kent Valley: SR-167 and I-5.
Earlier this month, CenterPoint acquired a two-building portfolio of 342,869 SF at 5900 and 5960-5990 1st Avenue South in Seattle, Washington. To learn more about this deal, click here: https://bit.ly/2vpOpRn
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.