By Jack Stubbs
A two-building property with nearly 80,000 square feet, located at 5410 and 5510 Airport Way S in Seattle, sold for $21.5 million, or roughly $269 per square foot, according to public records filed with King County. The buyer was Irvine, California-based Cornerstone Development Partners, Inc., a real estate investment, development and property management company. The seller of the property was New Core Development-Georgetown, a local development firm.
The seller was represented by CBRE, while Cornerstone Development Partners worked directly with the seller’s brokers in the transaction.
New Core Development bought the first property in 2011 and the second property in 2015, according to Dan Jenkins, a principal with New Core Development. Jenkins sold the two parcels to Cornerstone Development because of the “strong market” and for “diversification purposes,” he stated, and the company plans to acquire three new projects with the proceeds of the sale.
The property is comprised of two parcels located at 5410 and 5510 Airport Way S that total 79,782 square feet. The first parcel, located on one acre, includes a two-story 46,202 square foot light commercial manufacturing building. The Class C structure was built in 2016. The second parcel includes a 33,580 square foot industrial building built in 1998 that currently houses Elysian Airport Way Brewing Company.
The property lies just one mile from the Industrial District and four miles to the south of downtown Seattle. The property is less than half a mile from access to Interstate-5.
Cornerstone Development provides management and leasing services to its investment partners. The company provides property management services for over 565,000 square feet of commercial property located throughout Southern California, as well as Asset Management services for properties in California, Arizona and Nevada, according to its web site.
Founded just over 20 years ago, New Core Development has been developing properties in the Seattle area since 1995. The company focuses on Seattle area “in-fill” projects of commercial and multifamily communities. The company is currently working on development projects in Renton, as well as in Seattle’s Queen Anne and Greenwood neighborhoods.