By Meghan Hall
A Tukwila commercial property that is currently used as a movie theater has been purchased by a growing logistics provider. In a deal struck at the end of last week, Atlanta-based IDI Logistics paid $20.4 million for a property currently known as the Act III Theater in Tukwila, Wash. Public records indicate that the seller is an entity affiliated with North Carolina-based Sisel Properties.
The asset is located at 5910 S 180th St. King County records show that the property is developed with a 43,861 square foot masonry building that was originally built in 1999. In all, the property also includes about 5.97 acres of land.
The property is surrounded by a number of other commercial and retail businesses, including David’s BRidal, Macy’s, Ross Dress for Less and Sansaco Home Furnishings. BioLife Plasma Services, Pacific Coast Distributors and Cyxtera’s Seattle Data Center are all also in the immediate vicinity. The site is also near the confluence of the Five and 405 freeways.
How IDI Logistics plans to use the site is unclear; the City of Tukwila has no plans for the property’s redevelopment currency on file. However, IDI Logistics is no stranger to development.
Over the course of its 30 year history as a company, the firm has delivered more than 200 million square feet warehousing, distribution and manufacturing facilities, according to its website. Currently, IDI Logistics just lists one property in its Washington Portfolio: the 199,744 square foot Puyallup Logistics Center. Almost the entire building–197,026 square feet–is available for lease.
In 2019, the IDI Logistics also announced a 50-50 joint venture partnership with Ivanhoe Cambridge and Oxford Properties Group. The latter two firms agreed to invest in IDI Logistics, targeting a wide variety of assets. Both companies are big names in the commercial real estate industry. Most recently, Ivanhoe Cambridge acquired a $3.6 billion multifamily portfolio from Greystar, while Oxford Properties’ portfolio extends well beyond 100 million square feet across global gateway cities.