An LLC associated with Zurich, Switzerland-based UBS Realty Investors sold the Riverton Distribution Center just outside of Seattle city limits, to Seattle-based Food Lifeline for $25,640,000.
Food Lifeline has been leasing the two buildings that make up the Riverton Distribution Center, located at 9600 8th Ave. S., just outside Seattle. The center is a 193,585 square foot industrial warehouse center, which was built in 2014 and sits on a 9.03 acre lot. The space spans across two buildings, both of which are two-stories. It also offers 175 parking stalls.
The center was originally developed, built to suit, for Panattoni Development Company. Innova Architects served as the architect on the project. According to King County’s website, the warehouse was fully leased before it was finished. According to a flyer from Sierra Construction, there was a redesign during construction for future tenant Food Lifeline, which would be storing millions of pounds of food there. Food Lifeline then fully leased both buildings in Q3 2014.
One of the advantages of the property is that it is outside of Seattle city limits in unincorporated King County. Because of that, there’s no City of Seattle business and occupation (B&O) tax.
Food Lifeline was founded in 1979 and is a member of the Feeding America network. The group comes up with creative solutions to stop hunger by redirecting food from grocery stores, restaurants and farmers that might otherwise go to waste. According to Food Lifeline’s website, the group provides 90,000 meals to people every day. They also employ over 80 people and are led by a board of directors.
While UBS is based in Switzerland, the group also has its main United States office in Hartford, CT, as well as an office in San Francisco. In this transaction, UBS was associated with the San Francisco office.