By Meghan Hall
A Kent industrial asset has been purchased by a major e-commerce and warehouse/distribution company as the Puget Sound continues to grow into its role as a major shipping and trade hub. In a transaction that closed on Monday, September 14th, Indianapolis, Ind.-based Duke Realty purchased a Kent industrial property for $13.485 million. The seller was Washko Real Estate Holdings LLC, affiliated with a private owner.
The property is located at 21214 66th Ave. S. According to Google Maps, the property is currently home to a La-Z-Boy Furniture gallery. Assessors’ parcel data indicates the building was originally constructed in 2016, and the building totals about 63,546 square feet. The lot that the building sits on totals 141,200 square feet, or about 3.24 acres. Several Amazon Fulfillment centers, as well as FedEx Shipping, are also located nearby.
Duke Realty’s latest purchase in Kent isn’t the company’s first in the region. In December of 2018, Duke purchased two properties in the Des Moines Business Park for $111 million. Duke purchased the buildings—which totaled 546,000 square feet—from Panattoni Development Company. In March of 2019, Duke also spent $36.1 million to acquire a 228,256 square foot warehouse in Sumner, Wash.
Duke Realty is also in the process of developing the Duke Sumner Logistics Center along Puyallup Street. Also in Sumner, the 190,042 square foot development is available for pre-lease, with delivery expected for the second quarter of 2021.
Duke Realty is one of the largest public global companies, according to its website. At the end of 2019, the firm saw a 2.7 percent increase in revenue to $973 million, up from $947 million in 2018. The company’s assets increased to $8.4 billion by the end of the year, a 7.9 percent difference.
“Our 2019 results are a direct result of our focus on owning the best-located, highest-quality logistics assets, while maintaining a strong balance sheet and allocating capital to drive cash flow growth and value creation,” stated Jim Connor, Duke Realty Chairman and CEO at the time. “Our local teams who serve as the face of Duke Realty and our behind-the-scenes associates who provide critical operational support also continued to be instrumental in our ability to deliver strong operational results.”
Duke attributes its expansion to e-commerce growth and supply chain drivers in core markets such as Seattle. The company, according to its website, believes that logistics are now more important than ever, and will continue to play a pivotal role in the commercial real estate sector.