Home Commercial Industrial Distribution Facility in Seattle’s Lakewood Neighborhood Sells for $23.9MM

Industrial Distribution Facility in Seattle’s Lakewood Neighborhood Sells for $23.9MM

By Jack Stubbs

On Friday September 22nd, Lakewood Corporate Center in Lakewood sold for $23.9 million, or roughly $116 per square foot, according to public records filed with Pierce County. The buyer was Boston, Massachusetts-based TA Realty, a real estate investment management firm that acquires and invests in commercial and multifamily properties. The seller was London, England-based TH Real Estate, an investment management firm affiliated with Nuveen.

Occupying 9.75 acres of land, the property is located at 11101 South Tacoma Way, roughly 2.5 miles to the southeast of Lakewood and 8 miles south of Tacoma. The distribution facility also sits in close proximity to transit corridors, 2 miles from access to Interstate 5 and just half a mile from access to State Route 512.

Built in 2005, Lakewood Corporate Center is an industrial distribution warehouse totaling 205,000 total rentable square feet. According to a report by CBRE. Some of the prominent features of the Class A building include state-of-the-art construction and design, with 30-foot clear height entrances and ESFR sprinklers. The report highlights the appeal of the warehouse, stating that it “presents users, buyers and investors the opportunity to acquire stabilized, core industrial project in one of the nation’s strongest and most robust economies.” Per the report, current tenants in the building include Ta Chen International, Inc. (occupying 123,347 square feet); Burkhart Dental (occupying 32,585 square feet); and Lindsay Windows (occupying 51,068 square feet).

TH Real Estate currently has about $103 billion in assets under management across eighteen countries worldwide. Additionally, the company manages a wide-ranging suite of almost 80 funds and mandates that spans both debt and equity across diverse geographies, sectors and investment styles, according to the company’s website. The firm’s U.S. portfolio includes 365 assets that span the industrial, mixed-use, multifamily residential, retail and office types.

Since its inception in 1982, TA Realty has acquired, invested in and managed $26.1 billion worth of real estate and acquired more than 945 commercial and multifamily properties on behalf of both U.S. and non-U.S. investors, according to the company’s web site. As of June 30th 2016, gross assets under management were valued at $11.4 billion. These assets were comprised of 65.2 million square feet of commercial real estate (including industrial, office and retail) and over 10,100 multifamily units. TA Realty has additional offices in Newport Beach, California and Palm Beach Gardens, Florida.