Home Finance Grousemont Associates Buys Nearly 2.5-Acre Industrial Site in Seattle for $17.3MM 

Grousemont Associates Buys Nearly 2.5-Acre Industrial Site in Seattle for $17.3MM 

Flatiron Properties, GMT Elliott Portfolio LLC, Seattle, Elliott Bay, Elliott Bay Park

By Catherine Sweeney 

Grousemont Associates has recently acquired several parcels of land near Seattle’s Elliott Bay. According to King County public records, GMT Elliott Portfolio LLC, an entity affiliated with Chris Aggerholm, purchased the site for $17.3 million. The seller in the transaction was Hays Elliott Properties LLC, an entity linked to Rebecca Castilleja. 

The property is made up of several addresses, including 1465, 1433, 1435, 1425 and 1419 Elliott Ave. W. totaling nearly 2.5 acres. The parcels consist of a string of warehouse buildings as well, according to public records, with the smallest totaling 13,640 square feet and the largest at 59,800 square feet. 

The property is located in West Queen Anne, near a number of industrial buildings and parking lots. In addition, the property is near the SW Queen Anne Greenbelt, which offers recreational amenities. Elliott Bay Park is also within close proximity. 

Throughout the Puget Sound, the industrial market remains strong with a number of recent investments to show for it. In an acquisition that took place earlier this month, Property Reserve, Inc., the commercial real estate investment arm of The Church of Jesus Christ of Latter-day Saints, purchased the Pacific Gateway Industrial Park in Kent for $260 million, or about $315 per square foot, according to previous reporting from The Registry. Located at 20301 59th Place S., Pacific Gateway is an 823,544 square foot complex that was sold by entity affiliated with Link Industrial Properties, which originally developed the property with Panattoni Development Company.

In another recent deal, a 66,000 square foot industrial property in Woodinville sold for $24.5 million, or about $371 per square foot. The property is located at 14051 NE 200th St. and was acquired by Northern Industrial.