By Kate Snyder
An international real estate investment management firm has sold a warehouse and surrounding vacant land in Renton for almost twice what the company paid for it. An entity affiliated with Clarion Partners sold the Valley Distribution Center and accompanying land for $120 million, according to King County public records. The buyer was an entity affiliated with LaSalle Investment Management, a real estate investment firm and independent subsidiary of JLL.
According to The Registry’s previous reporting, Clarion Partners purchased the three-parcel property in 2017 for $67.1 million from UK-based global real estate investment management company TH Real Estate, an affiliate of Nuveen.
The 473,420 square foot warehouse is located at 300 Southwest 27th St. and sits on roughly 22 acres of land. The building was constructed in 1996, according to public records. The two other parcels totaling 12 acres of land are located at 2600 Lind Ave. SW. The property is located two miles south of downtown Renton and 13 miles south of Seattle, just half a mile from access to Washington State Route 167.
Founded in 1982, Clarion Partners has investments in a wide variety of assets including commercial, retail, industrial, multifamily, residential and hospitality. In terms of the company’s acquisition strategy, Clarion Partners acquires 100 percent ownership interests, forms joint venture partnerships, provides equity capital to developers, and invests in various debt instruments, according to their website.
The company currently has more than 500 institutional investors domestically and internationally and $83.5 billion in total assets under management. The company acquires and manages real estate assets nationwide, with regional offices in Boston, Los Angeles, Dallas and Washington, D.C. The firm’s headquarters are located in New York.
LaSalle Investment Management was founded in 1968 as a small firm in West Texas and is now “a world leader in real estate investment management, with clients, offices and investment opportunities that span the globe,” according to the company’s website. It has offices in 24 cities across 14 countries on four continents. LaSalle is an independent subsidiary of JLL, which buys, builds, occupies and invests in a variety of assets across industrial, commercial, retail and residential real estate.