By Jack Stubbs
A commercial property in Tukwila has recently changed hands, with Seattle-based Continental Mills Inc. acquiring it from New York-based Clarion Partners.
According to public records filed with King County, on Tuesday, December 5th, a two-building property in Tukwila sold for $21.25 million, or roughly $265 per square foot. The buyer of the property, Continental Mills Inc., is a food manufacturing company that currently occupies the space. The seller, New York-based Clarion Partners, is a real estate investment management company that operates locally and internationally.
The two-building property contains two office structures that total just over 80,000 square feet. The first building is a two-story asset built in 1987 that comprises 25,336 square feet. The Class C asset is set on a roughly 1.6-acre parcel. The second building, built more recently in 2010, is also a two-story Class C asset, and totals 54,690 square feet. The larger asset is set on a roughly 5-acre parcel of land.
Located at 18000 and 18100 Andover Park West, the two-building property lies roughly three miles to the south of Tukwila and approximately five miles to the east of the SeaTac. Additionally, the property is roughly two miles from access to the intersection of Interstate 5 and Interstate 405, two prominent transit corridors connecting Tukwila with Seattle, which lies roughly 13 miles to the north.
Seattle-based Continental Mills is a family-owned business that was founded by a Seattle Ladies Bridge Club in 1932. The company operates a variety of manufacturing plants and corporate offices and provides a varied portfolio of brands and food products for its employees, customers and consumers, according to its web site. Some of its better-known brands include Krusteaz and Wild Roots.
Founded in 1982, Clarion Partners invests in a wide array of property types including office, retail, industrial, multifamily, residential and hotel, according to the property’s web site. The firm currently has $42.8 billion in total assets under management, and it incorporates a broad range of real estate strategies including core, core-plus, value-add and opportunistic.
The company currently has over 300 institutional investors domestically and internationally, with over 280 employees across the U.S., Brazil and the U.K., according to its web site. Clarion acquires and manages real estate assets nationwide, with regional offices in Seattle, Los Angeles, Dallas, Atlanta, Washington, D.C. and Boston.