Kent, WA, December 16, 2019 – Investor interest in industrial properties in Washington State’s Kent Valley continues to be high due to ongoing confidence in strong tenant activity in the near future. Recently, Colliers International’s Matt McGregor, Bill Condon and Jack Murphy arranged the sale of two buildings in Kent, WA for an aggregate $12.8 million. EverWest Real Estate Investors acquired 25329 74th Avenue S and 5858 S 194th Street from Gregory Real Estate Four, LLC and Industrial Property Group, LLC, respectively.
“Buildings in Kent remain in high demand because of great tenant velocity, minimum remaining land sites, and strong market fundamentals,” noted Mr. Condon. “Kent has seen notable rent growth over the past five years, and we expect that to continue. These sales worked well for the buyer and sellers.”
Measuring 24,175 square feet on 1.34 acres, 25329 74th Avenue S sold for $4.6 million. The building was fully leased to one tenant at the time of sale. Excellent exposure to Route 167, 24’ clear height ceilings, four dock-high and three grade-level doors, and 800 amps of 480-volt power are among the property’s features.
5858 S 194th Street, also known as the Automatic Products Building, sold for $8.2 million. Completed in 2008, the 46,742-square-foot, two-story building was leased to a single tenant at the time of sale. It offers easy access to Route 167 and Interstate 5, 24’ clear height ceilings, three dock-high doors and six grade-level doors.
About Colliers International
Colliers International (NASDAQ, TSX: CIGI) is a leading global real estate services and investment management company. With operations in 68 countries, our 14,000 enterprising people work collaboratively to provide expert advice and services to maximize the value of property for real estate occupiers, owners and investors. For more than 20 years, our experienced leadership team, owning more than 40% of our equity, have delivered industry- leading investment returns for shareholders. In 2018, corporate revenues were $2.8 billion ($3.3 billion including affiliates), with more than $26 billion of assets under management.