By Meghan Hall
The South King County industrial market continues to build upon an active first quarter, as seen by the recent acquisition of a warehouse in Kent, Wash., by San Francisco-based Lift Partners. According to King County property records, Lift Partners purchased the 113,591 square foot building for $16.5 million, or about $145 per square foot in a transaction that closed on May 8th. The seller was R&M Investments LLC, a Federal Way-based entity associated with Tomas Risinger and Luke B. Moore.
The property includes 31,590 square feet of office and just over 82,000 square feet of warehouse space. The property also includes a 5,082 square foot break room. The cap rate for the transaction was just over 5 percent, according to a sales brochure released by Kidder Mathews.Tony Miltenberger, executive vice president at Kidder Mathews, represented the seller in the deal.
Located at 22441 76th Ave. S., the property is located in a more commercial and industrial part of Kent and is just off of State Route 167. Laurel Graphics and Fab, Pacific Metal, Hung San Food and Sears Logistics Services all neighbor the property. According to public records, the industrial building was originally constructed in 1979.
The acquisition will add to Lift Partner’s rapidly expanding portfolio throughout the Puget Sound. Since the end of last year, the full-service real estate investment company has been on a buying spree. In November 2018, Lift acquired a utility road and warehouse located at 655 S. Edmunds St. for $18.3 million from Macmillan-Piper Inc. In March of this year, Lift purchased four industrial and office assets in Tukwila for $11.3 million. The properties are located at 1200, 1210, 1230 and 1228 Andover Park E. and include a total 219,645 square feet of property.
According to its website, Lift Partners was founded in 2015 and targets value-add industrial and office opportunities up and down the West Coast. The firm provides asset management, leasing and construction management services for its investments on behalf of Lift Real Estate Partners Fund 1, a discretionary fund with $150 million in purchasing capacity. The firm’s joint venture partners include Westbrook Partners, Acre Valley, PCCP and Blackbird. To date, Lift Partner’s portfolio includes more than $300 million in gross investments and 1.25 million square feet of assets throughout the San Francisco Bay Area, Seattle and Southern California.