By Kate Snyder
The Puget Sound region recorded another industrial sale recently. A property in Fife that is currently occupied by Pacific Office Automation, an office management company, traded for $22.8 million, or about $226 per square foot, according to Pierce County public records. The buyer was an entity that shares an address with Invesco Real Estate, and the seller was an entity that shares an address with Principal Global Investors. Public records show the seller previously purchased the property in 2016 for $9.2 million, or about $91 per square foot.
Located at 2925 70th Ave. E, the one-story building totals approximately 100,614 square feet and sits on a 5.3-acre site. The structure was built in 1989, according to public records. Nearby businesses include FedEx, Regal Logistics and Pexco.
Based in Atlanta, Invesco is a global independent investment management firm focused on direct property and publicly traded real asset securities, according to the company’s website. With offices in more than 20 countries, Invesco manages $1.5 trillion in assets on behalf of clients worldwide as of the first quarter of 2023.
Invesco has been active for years in the state of Washington. Earlier this year, the firm sold a 128-unit apartment complex in Seattle’s Belltown neighborhood to an entity affiliated with Weidner Apartment Homes for $37.5 million, or approximately $292,968 per unit. The property is located at 206 Bell St.
Sales transactions in the Puget Sound’s industrial market have continued a steady stream of activity in recent months.
In nearby Federal Way, three buildings traded hands in separate deals for a total of $29.5 million, or approximately $587 per square foot, according to The Registry’s previous reporting. The seller in both deals was an entity affiliated with Newport Beach-based BKM Capital Partners, and the buyer in both deals were entities affiliated with Los Angeles Iron & Steel Co., based in Yorba Linda. The three buildings are located at 33721 9th Ave. S, 801 S 336th St. and 34004 9th Ave. S.