By Meghan Hall
Elion Partners is continuing its rapid expansion into the Puget Sound market, closing on its third acquisition since the end of 2020. In a deal that closed on April 26, Elion paid $47.5 million for a Renton industrial asset in Renton. According to public documents, the seller is affiliated with Seattle-based Monster Road LLC.
The asset is located at 555-589 Monster Rd SW. King County parcel data indicates that the property totals about 10.7 acres and is developed with a 223,656 square foot building originally constructed in 1990. The building is currently being used as a warehouse.
The property is located just off of Interstate 5 and Interstate 405. A number of other commercial businesses are located nearby, including Renton Concrete Recyclers, Republic Services and Wesco Distribution. Fort Dent Park, the Duwamish River, and a shopping center anchored by Fred Meyer and Walmart are also within a few minutes’ drive.
Elion has jumped quickly into the Puget Sound market. In February, the firm purchased another Renton asset for $27.65 million. The 114,531 square foot property is located at 600 SW 10th Street.
“The site benefits from its low coverage area providing ample opportunity for either expanding the building and/or its parking area,” said James Lambert, Senior Managing Director at Elion in a statement at the time. “Together with Kent Valley’s limited supply of 100,000 to 200,000-square-foot buildings, we look forward to the value-add opportunities this asset offers the portfolio.”
In November of 2020, Elion paid $83 million for four West Coast assets, including one in Everett, Wash. The acquisitions have been part of the firm’s investment strategy focused on first, middle and last-mile logistics real estate, targeting core, urban logistics hubs near large population centers in infill coastal markets. In 2020, Elion acquired 1.3 million square feet of existing last-mile industrial assets across markets such as Seattle, San Francisco, Southern California and Florida.
Elion Partners has offices in Miami, New York and Seattle. The real estate investment firm is minority-owned, and to date has $1.6 billion worth of assets under management. The company has six closed-end funds and five permanent capital vehicles, according to its website.