By Kate Snyder
A warehouse complex in Tukwila traded hands recently in a deal that shows investors continue to be attracted to the area. An entity affiliated with Lift Partners purchased the three-building property for $30 million, or approximately $228 per square foot, according to King County public records. The seller was the JMS Family Trust.
Located at 1001 Andover Park E, the industrial complex totals 131,600 square feet. The three buildings are 32,000 square feet, 24,000 square feet and 75,600 square feet, respectively, public records show. Built in 1975, the property is positioned on 7.2 acres of land near the I-5/I-405 interchange and consists of warehouse, storage and office space. CarNet, Mattress Depot, BLUEROCK Tools, DashMart and LuXcar all have addresses at the property.
Founded in 2015, Lift Partners is a full-service real estate investment company based in San Francisco. According to the firm’s website, its joint venture partners include major companies like PCCP, Blackbird and Acre Valley, among others. Lift Partners has $1 billion and seven million square feet in assets under management across the Seattle region, Bay Area and Southern California.
Lift Partners has had a presence in the Puget Sound area for several years. Among its current holdings is an 80,000 square foot industrial complex located at 1230 Andover Park E, which is near the property involved in the recent sale. Additionally, last year the firm sold a 35,384 square foot industrial site in Seattle for $21 million, or approximately $593 per square foot, according to The Registry’s previous reporting. The buyer was an entity affiliated with Swickard Auto Group, a national dealership. That property is located at 811 S Massachusetts St. and consists of an office building and a warehouse.
Recently the Puget Sound region has seen other sales transactions in the industrial market.
Earlier this year in Kent, which is located minutes from Tukwila, a warehouse traded hands for $15 million, or approximately $193 per square foot. The buyer was an entity that shares an address with Kyokuyo America, a food production company based in Seattle with a specific focus on production and sales of marine products. The seller was an entity affiliated with American Foods Group. Located at 7622 S 188th St., the warehouse totals about 77,655 square feet and sits on approximately 6.3 acres.