By Jack Stubbs
There has been no shortage of activity occurring in Renton in recent weeks, and two warehouse/manufacturing buildings this week changed hands.
On Wednesday, April 4th, Irvine, California-based LBA Realty, a real estate investment and management company, acquired two warehouse/manufacturing buildings totaling approximately 140,000 square feet in Renton for a combined $19.5 million, according to public records filed with King County. The seller of the two properties was American Legend Cooperative, a Seattle-based marketing company that produces and distributes fur products worldwide. The transaction was recorded on April 5th.
Neither the buyer nor the seller were available for comment in time for the publishing of this story.
American Legend Cooperative is making a significant profit on the two-building property, which it acquired for approximately $4.8 million in January 2001.
The transaction was for two properties in Renton, according to public documents. The first building, set on a 2-acre parcel, is a 3,000 square foot Class C service garage built in 1979. The second building is a 137,340 square foot Class C warehouse/distribution facility also built in 1979. According to Google Maps, the two structures are surrounded by a variety of other logistics and manufacturing buildings that are home to companies including North Pacific Industrial, a painting company; True Fabrications Warehouse, XPO Logistics, a trucking company; and East Valley RV & Boat Storage, a self-storage facility.
The two properties, located adjacent to each other at 200 SW 29th St., are roughly 3 miles to the south of downtown Renton and approximately 6 miles to the east of SeaTac Airport. Additionally, the property is roughly three miles from access to the intersection of Washington State Route 167 and Interstate-405.
LBA Realty is an investment and management company that operates a diverse array of office and industrial properties in major markets throughout the western U.S. including California, Colorado, Washington, Oregon, Arizona, Nevada, Texas and Utah, according to the company’s web site. LBA’s office and industrial investment program focuses on properties with a target minimum purchase price of $10 million. Since 1995, LBA has acquired more than $5 billion in real estate assets on behalf of multiple investment funds, according to the web site.
LBA’s capture of the two buildings in Renton adds to the company’s already extensive Puget Sound region portfolio. In the surrounding region, the company operates industrial properties in Fife, Redmond, Auburn, Seattle, Everett and Kent, among other locations. Some of the company’s industrial assets in the region include two properties in Sumner totaling approximately 428,000 square feet; a 99,000 square foot property in Seattle; and the Emerald Corporate Park, a 203,528 square foot property located in Auburn.
Founded in 1986, American Legend Cooperative is a company capitalized, owned and operated by producers of mink fur from the U.S. and Canada, according to the company’s web site. Operating as a marketing company, American Legend represents more than 200 member owners and locates in facilities that total over 40,000 square meters.