By Jack Stubbs
Kent, a city in King County that has historically had an active industrial market, has seen both local and external companies looking to acquire assets there. A recent transaction shows that the market’s desirability continues to hold true.
On July 14, a two-building, 389,684 square foot property sold for $106.1 million, or around $272 per square foot, according to King County public documents. The buyer was San Francisco-based real estate investment company Lift Partners and the seller was Holman Distribution Center of Oregon, Inc., an entity based in Kent and associated with Holman Logistics.
The sale included two industrial/warehouse buildings on adjacent parcels. The first parcel, located at 22408 76th Ave S., includes an industrial property totaling 207,684 square feet that was built in 1987, according to the listing on loopnet.com. The second building, located at 22434 76th Ave. S., totals 182,000 square feet, according to public documents.
The two-building property is roughly 1.5 miles north of Kent and about 17 miles south of Seattle via Interstate-5.
Lift Partners focuses on the adaptive reuse and repositioning of industrial and office properties across the West Coast, according to the company’s website. The company’s Pacific Northwest region portfolio includes various industrial/warehouse properties in Seattle, Kent, Redmond and Woodinville. In Kent, some of the company’s assets include a 30,050 square foot property located at 20241-20325 84th Avenue South and a 35,13 square foot building located at 7845 & 7855 S 212th Street.