Across the Puget Sound region, industrial assets continue to trade, showing promise in the future of the market. In one transaction that closed this week, a 104,672 square foot industrial building sold for $24.5 million, or roughly $219 per square foot.
According to public records filed with Snohomish County, the property was sold by OSW Equipment & Repair, which also currently occupies the site. The buyer in the transaction was OSW Building LLC, which appears to be affiliated with real estate investment and development company Cairn West.
The building is located at 20812 Broadway Avenue on approximately 10 acres, according to public records. The building serves as a service and repair center for OSW Equipment as well as its main office.
OSW Equipment & Repairs is a manufacturer of transportation, industrial and mining services. While the main office is located in Snohomish, the company also operates service facilities out of Marysville and Tempe, Phoenix.
The property is located directly south of Maltby Community Park in a primarily industrial portion of Snohomish. Nearby are a number of other service companies, including United Tank Solutions, Washington Hydraulics, Emerald Paving and many others.
The sale of the Snohomish building is one of many recent industrial transactions to take place in the Puget Sound. Earlier this month, Chicago-based real estate investment and development company First Industrial Realty purchased a 12,500 square foot industrial property in Pacific, Wash. The property, which was sold by SCI Infrastructure for $20 million, is located on approximately eight acres at 1508 and 1446 Valentine Avenue SE.
Additionally, in July, Lift Partners purchased a two-building industrial property totaling 389,684 square feet for $106.1 million, or around $272 per square foot. The property is located at 22408 76th Avenue S. and 22434 76th Ave. S. in Kent and was sold by an affiliate of Holman Logistics.