By Meghan Hall
It’s been a busy week in the Puget Sound, with a number of different deals closing as investors look to place capital before the end of the year. In another transaction, Brookfield has acquired a Tukwila industrial asset for $28.1 million. According to public records, the seller is affiliated with private sellers and Highland Park Properties LLC.
The asset is located at 495 Andover Park East. Data from Commercial Cafe indicates that the 158,224 square foot industrial and manufacturing building was originally constructed in 1975, and sits on 5.86 acres.
The property is currently occupied by Red Dot Corporation; the location is its Seattle headquarters, according to its website. The firm produces mobile HVAC units for heavy-duty commercial and military vehicles. The company has facilities in North America, Europe and Asia and ships to a number of aftermarket distributors and OE customers.
The asset is located in a commercial part of Tukwila, neighbored by USPS, the King County Housing Authority, the Parkway Super Center and the Westfield Southcenter Mall. The building is easily accessible via Interstate 5, as well.
Brookfield has been behind a number of major transactions in the region this year. In July, the firm executed a $263.5 million ground lease for Bellevue’s Spring District Blocks 16 and 24. Brookfield also acquired the GIX building for $85 million just a month prior.
The firm is considered one of the largest alternative asset managers in the world, and its portfolio includes a wide variety of asset classes. The firm has more than 800 properties and 375 million square feet as part of its managed portfolio, and an additional 50 million square feet under active development.