Home Commercial San Francisco-based Lift Partners Buys Four Industrial and Office Assets in Tukwila...

San Francisco-based Lift Partners Buys Four Industrial and Office Assets in Tukwila for $11.3MM

By Meghan Hall

Located just south of Seattle and west of Renton, the City of Tukwila is a growing suburb in the Puget Sound region thanks to its proximity to SeaTac and downtown Seattle. The region’s largest highways, including Interstate 405 and Interstate 5, intersect in Tukwila, and the Westfield Southcenter is an entertainment and retail hub for residents in the area. San Francisco-based Lift Partners has put their money in Tukwila, purchasing four parcels at 1200, 1210, 1230 and 1228 Andover Park E. for $11.3 million, according to King County public records. The seller was Gray Cat Collective LLC, a Seattle-based entity associated with Lauren Dudley. 

According to King County assessor parcel data, the combined parcels total 219,645 square feet of property and are currently occupied by a combination of office and warehouse buildings. The four parcels are not contiguous; 1230 and 1228 Andover Park E. are next to one another, as are 1200 and 1210 Andover Park E. However, another lot separates the properties. The buildings on three of the four properties date to the 1960s. 1200 Andover, is vacant and is 35,877 square feet of lot space. The largest parcel is 1210 Andover, whose lot size is 85,546 square feet, while 1230 Andover is 63,202 square feet. The smallest parcel is 1228 Andover, whose total lot size is 35,020 square feet.

The properties fit right into Lift Partner’s portfolio, which, according to the company’s website, targets value-add industrial and office properties. The bulk of the company’s portfolios are in California, in major cities such as La Jolla, San Leandro and South San Francisco. The company, however, does own to properties in the Puget Sound: Plant 1, located at 200 SW Michigan St, which is home to 82,000 square feet of office space, and 4901 Airport Way, a 7.2-acre industrial-zoned site.

The four properties are centrally located in Tukwila, just minutes from the aforementioned Westfield Southcenter, anchored by major retailers such as Best Buy and Ross. The sites are easily accessible from State Route 181, while S. 180th St., a major thoroughfare, is just a block away. Seattle Tacoma International Airport is about 15 minutes away by car.

When it comes to industrial space, South King County remains incredibly active, with seven industrial buildings totaling one million square feet under construction, according to Kidder Mathews’ Q4 2018 Industrial South King County Review. During the fourth quarter, Panattoni sold Buildings A and B at the Des Moines Creek Business  Park to Duke Realty for $111 million or $203 per square foot, while IPI Data Center Partners purchased Building D at the Seattle South Business Park near Lift’s acquisitions in Tukwila for $53.5 million or $245 per square foot. According to Kidder Mathews, building sales prices will range between $125 to $200 per square foot in the coming year, depending on the age of the asset and quality of the build-out.