By Meghan Hall
Investor interest in well-located properties near Seattle’s developing downtown remain high, as potential buyers plan for a post-pandemic future. In a deal that closed on February 24th, Fortress Investment Group purchased a property at 2326 Airport Way S. for $12,782,500. According to public records, the seller was United Drayage Company, which specializes in trucking services.
Currently, the property is developed with one building totaling 21,349 square feet. The site totals about 1.87 acres, according to King County Assessor’s data. Its present use is an auto and bus terminal.
Located just off of Interstate 5, the property is minutes from T-Mobile Park and the SoDo Light Rail Station. The district is largely commercial, with USPS, Amazon, Office Depot and Goodwill in the immediate vicinity. The West Seattle Bridge and Harbor Island are also easily accessible via the property, as is Seattle’s rapidly developing industrial district.
It is unclear what Fortress Development’s plans are for the property. Currently, no plans to redevelop the property are on file with the City of Seattle.
In recent months, Fortress paid $17.3 million for two CVS-leased properties in Federal Way and Lakewood, Wash. In July of 2019, the company also acquired a four-parcel property in Tacoma for $10.6 million. Another retail property, the asset is occupied by Safeway.
“Fortress businesses, across its private equity funds and credit funds specialize in asset-based investing, and bring to bear significant experience in investing broadly and deeply in a diverse set of asset types,” states the company’s website. “Fortress’s expertise extends to pricing, owning, financing and overseeing the management of physical and financial assets ranging from real estate and capital assets to financial assets secured by diversified long-term cash flows.”
Founded in 1998, Fortress Investment Group manages assets on behalf of over 1,800 institutional clients and private investors worldwide across a range of credit and real estate, private equity and permanent capital investment strategies, according to the company’s web site. The firm continues to invest in the Puget Sound, and as of September 30, 2020, the investment manager had about $49.9 billion of assets under its management.