CBRE Group, Inc. announced the sale of a 36,184 square-foot building occupied by Garda, a subsidiary of GardaWorld, the world’s largest privately-owned security company for approximately $9.8 million.
CBRE’s Alex Kozakov, Patrick Wade, Eric Roy and Dino Christophilis represented the seller, Naches Venture, LLC who was an affiliate of Cohen Asset Management, Inc. and the buyer, a private all-cash investor, in this transaction. The property traded for a 5.25% cap rate – one of the most aggressive cap rates on record in the state of Washington for a single-tenant NNN asset over $5 million.
The property, located at 2985 Naches Avenue in Renton, Washington, is a highly secured facility that features more than 400 security cameras and is strategically located across from a Federal Reserve Bank. Garda has approximately 14 years remaining on an original 15-year lease. GardaWorld is the fastest-growing North American currency processor that successfully manages and moves more than $10 billion in currency daily.
“The property provides a rare combination of high-quality tenancy in a strong sub-market with LEED certified construction,” said Wade. “The annual rental increases and absolute-net lease structure made this a highly desirable investment.”
The Puget Sound industrial market continued to excel in the second half of 2016. In every submarket, vacancies declined and direct average asking rates rose, responding to ever increasing demand for space in one of the nation’s hottest markets.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.