By Jack Stubbs
Just a few weeks after the company acquired the Washington Federal Building in downtown Bellevue, New York-based Clarion Partners on December 20th acquired three industrial buildings, this time in the Snohomish County city of Everett, for a combined $30.3 million from Irvine, CA-based LBA Realty as part of two separate transactions.
In the first transaction, Clarion Partners spent $16.3 million, or around $179 per square foot, to acquire Everett Commerce Center Building A, which currently serves as a distribution center for Amazon. In the second transaction, the company spent $14 million to acquire Everett Commerce Center Buildings 1 7 2, a two-building warehouse property totaling just under 78,000 square feet.
Everett Commerce Center A, located at 6611 Associated Blvd. , is a two-story building constructed in 2008 that totals 91,046 rentable square feet, according to the listing on officespace.com. According to Google Maps, current tenants at the property include LBA Realty and also serves as hub for Amazon, whose portion of the property is listed as Amazon Distribution Center – DSE4.
Everett Commerce Center 1 & 2, located adjacent at 1102-1106 Shuskan Way, totals 77,445 square feet across two buildings, according to the listing on loopnet.com. Current tenants at the two-building property include Terry’s Machine and Manufacturing, InkBed, and LCL Beauty.
The buildings are roughly six miles southwest of downtown Everett via W Mukilteo Blvd. and just under two miles north of Boeing’s Everett campus. Along with the outpost at 6611 Associated Blvd., Amazon also has another distribution center—Amazon SWA1—located at 607 Riverside road, roughly eight miles to the north.
In December 2018, Clarion 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. Almost exactly a year later, in early December 2019, the company spent $53.5 million to acquire the 76,000 square foot Washington Federal Building in Bellevue’s Central Business District from Seattle-based Washington Federal Bank.
LBA Realty was last active in the Emerald City as recently as third quarter 2019, according to The Registry’s reporting. In late November, the company spent $58 million, or roughly $624 per square foot, to acquire The Fourth and Pike Building, a 10-story, 93,000 renovated commercial building in downtown Seattle.