By Meghan Hall
San Francisco-based Lift Partners had a busy 2021 and looks to be carrying its momentum into 2022. In a deal that closed just before the end of last year but just recently recorded, the full-service investment firm acquired an aging industrial property for $14.49 million. Public records indicate that the seller of the property was Qwest Corporation, which is owned by Lumen Technologies.
The property is located at 811 S. Massachusetts St. The Class B industrial building is currently used as a warehouse, according to Commercial Cafe, and was originally built in 1952. In all, it totals 35,384 square feet and sits on a 2.31 acre lot.
The asset is located in Seattle’s quickly changing South of Downtown neighborhood, just off of Interstate 5. The neighborhood is home to Lumen Field and T-Mobile Park, and retailers ranging from Starbucks Reserve and the Home Depot to Zips Cannabis.
Lift Partners is a full-service real estate investment company that focuses on the adaptive re-use and repositioning of industrial assets along the West Coast. Its first two funds, Lift Real Estate Partners Fund I and II, had a combined purchasing capacity of $725 million. Additionally, according to its website the firm’s joint venture partners include major firms like PCCP, Blackbird and Acre Valley and others.
To date, the firm has invested more than $450 million in properties. In the Puget Sound, the company has invested $100 million. In the San Francisco Bay Area, Lift has invested $175 million, while in Southern California, the company has invested $25 million.