By Meghan Hall
LBA Realty is continuing to invest in Seattle’s industrial office market and has purchased another asset in Kent, Wash., to the tune of $12.7 million, or about $129 per square foot, according to King County public records. The 98,700 square foot warehouse, located at 7901 S. 190th St., was sold by an entity associated with Robert Ramussen of Issaquah, Wash.-based Ramussen Properties to LBA at the end of January.
The acquisition comes on the heels of another LBA purchase, in which the Irvine-based company bought six warehouse and distribution buildings at Sea-Tac from San Francisco-based Prologis for $98.5 million. The six buildings total 490,000 square feet and are considered one of the premier airfreight facilities in the Seattle area, located within five minutes of the Sea-Tac Airport Cargo Entrance. The company also purchased an 81,700 square foot warehouse distribution center in Renton for $11.3 million, or about $141 per square foot, from True Partners LLC in August of 2018.
LBA operates a wide range of office and industrial properties in major gateway markets throughout the United States, including Seattle, San Francisco, San Diego and Denver. Since 1995, LBA has acquired more than $5 billion in real estate assets on behalf of multiple investment funds, and the company’s industrial investment program targets properties with a minimum purchase price of $10 million. LBA’s plans for the Kent warehouse are unclear, although the lot size is 170,320 square feet, so there is potentially room for expansion. The property is also surrounded by other commercial and industrial developments and is a short distance to Sea-Tac, Interstate 5 and State Route 167.
According to Kidder Mathews’ Seattle Industrial Fourth Quarter report, the future of the Puget Sound industrial market remains bright, as employment continues to grow year-over-year in construction, transportation and warehousing, and wholesale trade. The South King County market remains active with over one million square feet in the construction pipeline, and asking rents continued to increase over the course of the fourth quarter, with newly-constructed buildings garnering $0.60 per square foot.
