By Jack Stubbs
On Tuesday, November 20th, an industrial/warehouse building in Tukwila sold for $53.5 million, or approximately $604 per square foot, King County records show. The buyer was DCCO Tukwila LLC associated with Nitin Sathe, an employee at Iron Point Partners. Iron Point is an affiliate of IPI Data Center Partners Management LLC, a company that makes real estate investments in data centers and other technology-related real estate assets. The seller of the property was Los Angeles-based real estate investment company Clarion Partners.
Clarion Partners did not respond to calls for comment about the recent transaction in time for the publishing of this story.
The property, located at 6101 S 180th St., is a one-story warehouse/storage building that totals 88,470 square feet, according to public documents. Built in 1993, the property sits on a 7.76-acre lot. It is not entirely clear how much space is currently available in the building. According to Google Maps, Vly Med Center is one of the current tenants.
The property is approximately three miles south of Tukwila and four miles east of Sea-Tac Airport. Additionally, the asset is about thirteen miles south of Seattle and roughly four miles from access to the intersection of Interstate-5 and I-405.
Originally 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 $46.6 billion in total assets under management and more than 300 domestic and international institutional investors. The company acquires and manages real estate assets nationwide, with regional offices in Seattle, Los Angeles, Dallas, Atlanta, Washington, D.C., and Boston.
Clarion Partners’ sale of the property in Tukwila comes after a busy few months for the company in the Puget Sound region. In mid-September 2018, the company purchased the three-story Lake Washington Park Office building located at 5108 Lake Washington Blvd. NE. for $39.25 million, or approximately $560 per square foot, from SC Lake Washington Park Inc. And on October 22nd, the company acquired the 74,800 square foot West Valley Distribution Center in Kent—located at 7043 – 7063 S 190th St.—for $11.9 million, or approximately $159 per square foot.