$29.5 million deal occurs mid-COVID, with plans for more acquisitions this year
RENTON, WA (August 6, 2020) – Denver-based EverWest Real Estate Investors has inked the first of several anticipated 2020 industrial acquisitions in Washington state, completing the $29.5 million purchase and partial sale-leaseback of an industrial building at 851 SW 34th St. in Renton, Washington, just outside of Seattle.
EverWest Managing Director Ryan Madson represented EverWest in the acquisition and sale-leaseback. Arie Salomon and Jeff Forsberg, with NAI Puget Sound Properties, represented the 34th Street building seller, Alliance Packaging.
“EverWest has been actively pursuing infill industrial opportunities across the U.S., and this asset fits squarely in our parameters of quality, location, stability and long-term value,” said Madson. “This deal was put under contract after the COVID-19 disruption began and, outside of minor delays during early stay-at-home orders, ran smoothly. It is a great complement to our existing portfolio and the first of more industrial buys we hope to complete in the Washington market this year.”
The Northwest’s largest independent corrugated box manufacturer, Alliance Packaging will continue to occupy approximately half of the 34th Street building under a long-term, 82,019-square-foot sale-leaseback agreement. The building’s remaining 82,313 square feet, including 13,440 square feet of office space, is available for immediate lease.
Totaling 164,332 square feet, 851 SW 34th St. offers 26’ clear height, dock high and grade level doors in a cross-dock configuration, and heavy power (5,000 amps). It is located less than 15 miles south of downtown Seattle with immediate access to Interstates 5 and 405, and State Route 167. It is also minutes from the Port of Seattle and numerous international and regional airports.
The acquisition brings EverWest’s Pacific Northwest industrial presence to more than one-half million square feet, including assets in Washington’s Kent Valley and in Auburn, Washington.
It also marks EverWest’s fourth notable U.S. industrial buy in the past four months, including assets in metro Denver, the Inland Empire and the company’s market entry in Nashville. EverWest is actively negotiating additional industrial acquisition opportunities in Seattle, Los Angeles and New Jersey, and continues to seek new industrial investment opportunities in growth markets across the U.S.
About EverWest Real Estate Investors LLC
EverWest Real Estate Investors LLC, a wholly owned subsidiary of GWL Realty Advisors, is a real estate investment and operating company based in Denver, Colorado. The company’s goal is to create significant value for investors through a combination of capital appreciation, strategic acquisition, development, capitalization, repositioning and management of commercial real estate assets.