By Jack Stubbs
Exeter Property Group, a real estate investment management firm based in Conshohocken, PA, on February 6th acquired a warehouse/distribution property for $16.7 million, or just under $128 per square foot, King County records show. The seller of the property was Stevenson/Kent Property LLC, an entity affiliated with SDS Lumber Company based in Bingen, WA.
The subject property, located at 1220 Second Ave. N., sits on approximately six acres and totals 130,615 square feet, according to public documents. Constructed in 1983, the structure is adjacent to State Route 167 and about 1.5 miles north of downtown Kent.
The warehouse/distribution facility in Kent, which has long been regarded as a hub for investment in industrial-use properties, sits in close proximity to several other industrial buildings which house a number of manufacturing/distribution companies, some of which include Sears Logistics, Hermanson Company (Kent Main) and Ball Corporation.
The structure is roughly seven miles south of the city of Sea-Tac, and is also a couple miles north of the Kent Sounder Station, which provides commuters with access to Seattle and the nearby cities of Sea-Tac and Tukwila.
Founded in 2006, Exeter Property Group specializes in the acquisition, development and management of industrial and commercial business park properties. Operating nationwide, the company invests in all industrial asset classes including big-box warehouses, last-mile logistics and flex properties, as well as mid-rise office buildings.