By Meghan Hall
Several major investors have struck a deal for an Amazon-leased asset in Everett, an indication of the industrial market’s continuing health. In a deal that closed just today, September 17th, LBA Realty and PPF sold the Everett Commerce Center for $60.1 million. The buyer was a limited liability company affiliated with BentallGreenOak.
The Everett Distribution Center is located at 6617 Associated Boulevard and was originally purchased by LBA and PPF in May of 2011 for $23,185,050. 6611 Associated Boulevard, which LBA also owns, was purchased in December of 2019 when LBA bought out PPF for $16,291,620.
LBA’s website indicates that the Everett Commerce Centeris developed with two buildings: Building A houses 91,544 square feet of space, while Building B totals 217,700 square feet. According to public records, just Building B was included in the sale, and the property currently functions as an Amazon Distribution Center. Snohomish County property data shows that the building sits on 11.53 acres.
The asset is located in a commercial neighborhood of Everett; other businesses in the vicinity include PODS Moving and Storage, Columbia Distributing, US Foods anda Funco Distribution Center. Boeing and the Snohomish County PUD Operations Center are also nearby.
A number of industrial sales have closed in recent weeks, with investors eager to snap up available properties. Also this week, Boeing closed on a deal to sell its Frederickson Campus for $200 million, while Red Hat Enterprises spent $20 million on a Tigard Self-Storage asset. Also recently, CBRE Global Investors kicked off an industrial fund with $1.7 billion of pre-seeded assets in major markets across the Pacific Northwest, including in Washington. The flow of cash into the market bodes well for investors and property owners, who are continuing to see values for assets rise.