By Meghan Hall
A new investor has come to play in the Seattle industrial market, one that is expanding quickly with a number of new acquisitions. In a deal that closed last week, Elion Partners acquired a Renton Warehouse for $27.65 million. The seller was Joseph T. Ryerson & Son, Inc., based in Chicago.
The asset is located at 600 SW 10th St. The Class B property was constructed in 1975 and sits on a 10-acre lot. The building itself totals 114,531 square feet.
The building is occupied by Ryerson, a metal processing and distribution firm. Currently, the facility produces metal products for a variety of companies throughout Western Washington, Oregon and Alaska. Ryerson can produce bar, tube, plat and sheet and coil configuration and can process metals via coil leveling and blanking, among other techniques. The site can also accommodate equipment for laser, plasma and oxy-fuel cutting.
The property is located just off of Highway 405 and State Route 167, and is minutes from downtown Renton. Immediate surrounding the property are a number of retailers, such as the Renton Shopping Center, anchored by Fred Meyers, D K Market and Walmart. Boeing and Amazon Flex both occupy buildings just on the other side of the highway from the site.
Elion Partners, a real estate investment firm, announced its expansion to the West Coast in April of 2020. The firm plans to pursue an investment strategy focused on first, middle and last-mile logistics real estate and is targeting core logistic hubs near large population centers and infill coastal markets.
In November, Elion acquired four industrial assets in Seattle, San Francisco and California for a total of $83 million.
“The assets complement our last-mile portfolio well with characteristics prudent to logistics real estate such as clear height and turning radius,” said Shlomo Khoudari, Managing Partner at Elion in a statement announcing the acquisitions. “With the addition of these assets, we expand our footprint in important locations across the West Coast and benefit from immediate operational cost-saving efficiencies.”
Elion’s November buy included an asset in Everett, Wash. Currently, Elion has $1.6 billion in assets under management and has invested in more than 140 properties. The company also brought on former Amazon Logistics employee James Lambert on as its Senior Managing Director of Industrial Investments to spearhead its expansion efforts.
“Accelerated e-commerce adaptation combined with the need for supply chain resiliency and diversification have been the primary demand drivers for the asset class,” stated Lambert. “As retailers and manufacturers increase their level of safety inventory and look to diversify their supply chains, strategically located distribution centers will be vital to their success. We look forward to acting on our pipeline of opportunities and continuing the expansion of Elion’s logistics portfolio across our identified markets.”