By Jack Stubbs
The city of Renton on the southern edge of Lake Washington is a city on the move, where an increased demand for housing, a growing technology sector and expanding industrial market are making it an increasingly appealing investment opportunity for developers and investors alike.
New York-based Clarion Partners has been active in the Puget Sound marketplace over the last several months, acquiring several office and industrial assets throughout the region—in mid-March, the company sold the 70,000 square foot Lake Washington Park Office Building in Kirkland for $53 million, or approximately $756 per square foot, to Kirkland-based Monolithic Power Systems Inc.
In a recent transaction, the company made moves to expand its portfolio in Renton. On Wednesday, April 17th, the company acquired a distribution warehouse for $15 million, or about $149 per square foot, according to King County records. The seller of the property was Renton Distribution Center LLC based in Kirkland.
The subject property, located at 3324 Lind Ave. SW., is a three-story distribution warehouse built in 1980 that totals 100,520 square feet, according to public documents. Sitting on about four acres, the building is currently occupied by United Warehouse Main, according to Google Maps.
The property is about three miles south of downtown Renton and just under six miles from Sea-Tac Airport. The building is also roughly two miles from the intersection of I-405 and State Route 167.
The warehouse sits in close proximity to several other manufacturing, logistics and distribution properties, home to companies such as K&L Distribution, True Fabrications Warehouse, XPO Logistics and Farwest Steel, according to Google Maps.
Over the last few quarters, Clarion Partners has spent nearly $200 million on two properties in Kirkland and Seattle alone. In November 2018, the company acquired the the four-building Plaza Yarrow Bay office property located at 3933 Lake Washington Blvd. NE in Kirkland for $134.5 million, or approximately $480 per square foot, from Los Angeles-based Kilroy Realty.
In December 2018, the company purchased the 74,853 square foot 500 Yale Avenue North office building in Seattle’s ever-active South Lake Union neighborhood for $52.3 million, or close to $699 per square foot, from Seattle-based Urban Renaissance Group and its capital source from Chile.