May 30, 2023 (Bellevue, WA) – Lee & Associates Commercial Real Estate Services is pleased to have represented Pacific West 5, LLC, in their acquisition of the Pacific Business Park. Located at 136 Stewart Road SE in Pacific, WA, the property closed in an $8,200,000 transaction (about $195 per square foot), as part of a 1031 exchange. The 42,000 SF of buildings on the 2.78-acre property is currently leased to 22 tenants and is 100% occupied.
Troy Gessel, Principal at Lee & Associates | Pacific Northwest facilitated the transaction and syndicated the ownership fund which purchased the property. Gessel sees this investment opportunity as a way to meet a niche demand in a relatively stable industrial market.
“This property is a perfect example of what our Private Investors are looking for in today’s market, Gessel said. There is high demand for smaller, incubator-styled automotive oriented properties that will sustain high occupancy and generate consistent returns for the investors. These properties are few and far between, but we will continue to be on the lookout for similar investment opportunities going forward.”
Lee & Associates will facilitate marketing and leasing at the property, while AGM Real Estate group will provide property management services.
ABOUT LEE & ASSOCIATES
Lee & Associates is a commercial real estate brokerage, management and appraisal services firm. Established in 1979, Lee & Associates has grown its service platform to include offices in the United States and Canada. Lee & Associates provides superior market intelligence in office, industrial, retail, investment and appraisal to meet the specialized needs of our clients.
