By Jon Peterson
New York City-based Clarion Partners has paid $132.7 million to acquire two industrial parks in Kent totaling 926,272 square feet, according to sources aware of the transaction.
The buyer did not respond to several phone calls seeking comment for this story.
The seller of the assets was Hartford, Conn.-based Barings Real Estate Advisers, formerly known as Cornerstone Real Estate Advisers. The listing agents on the sale were from CBRE in Seattle, and one of the people involved in the sale was Brett Hartzell, an executive vice president with the firm. He declined to comment when contacted for this story.
The two properties in the portfolio are the 238,781 square foot Green River Corporate Park and the 687,491 square foot SouthCenter South Industrial Park.
Green River is a property that was developed between 1987 and 1990 and has a total of three buildings. There are no vacancies in the property presently. The office component in the property is roughly 11 percent. SouthCenter has a total of eight buildings with a current occupancy of 96 percent. This park was constructed between 1974 and 1999. 13.1 percent of its square footage is office space.
The portfolio has been a strong performer, and it has maintained occupancy above 97 percent even during the great financial crisis. There is no single tenant in the portfolio that accounts for more than 11 percent of the total area. Credit tenants in the portfolio include LG, Culligan, Essedant, CertiFit, Motion Industries, Dal Tile, Consolidated Container and Orora Packaging.