By Jack Stubbs
Following up on its acquisition of several warehouse/manufacturing buildings in Renton, Tukwila and Kent in early 2018, California-based LBA Realty recently acquired another property in Renton. On Wednesday, August 8th, the company acquired an office/warehouse property for $11.3 million, or approximately $141 per square foot, according to public records filed with King County. LBA purchased the property from True Partners LLC, an entity affiliated with Dhruv Agarwal, who is is the CEO of Seattle-based True Fabrications Inc.
LBA Realty did not respond to calls for comment about the transaction.
Colliers International’s Bill Condon and Matt McGregor, who arranged the transaction, will act as leasing agents for the property on behalf of LBA Realty.
McGregor noted in a released statement that “the ability of warehousers to ships goods in and out of the nearby Port of Tacoma and Port of Seattle and distribute across the Pacific Northwest has made the Kent Valley a highly competitive industrial market. We received a lot of interest in the 3002 Lind Avenue Building from investors from all over.”
The Renton property sold includes a 81,700 square foot warehouse/office property located at 3002 Lind Ave. SW. The Class C property, constructed in 1981, sits on approximately four acres. According to Google Maps, the building currently serves as a warehouse for True Fabrications.
The property is approximately 2.5 miles south of Renton and 3 miles south of Tukwila. Additionally, the property is roughly 13 miles south of downtown Seattle and 3 miles from access to Interstate-405.
LBA 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.
The company’s capture of the warehouse on Lind Ave marks its latest acquisition in the Puget Sound market over the last few months. On April 8th, the company purchased two warehouse/
manufacturing buildings totaling approximately 140,000 square feet in Renton—located at 200 SW 29th St.—for a combined $19.5 million from American Legend Cooperative, a Seattle-based
On April 16th, the company acquired two more warehouse/manufacturing buildings in Tukwila (a 68,216 square foot warehouse located at 720 Andover Park E.) and Kent (a 30,000 square foot warehouse located at 19130 84th Ave. S.) totaling approximately 98,200 square feet from an entity affiliated with Jan Brekke based in Medina, Washington.