By Meghan Hall
A Seattle manufacturing property has traded hands. In a deal that was finalized March 4th but just recorded, a tenant-occupied industrial property in South Seattle sold for $16.5 million, or about $324 per square foot. King County public records show that the seller is an entity affiliated with Innovare Investments, while the seller is a limited liability company tied to Brian Winn and David Yuchasz, local investors.
The property is located at 4 S. Idaho Street. A listing on LoopNet.com indicates that the building was originally constructed in 1961 and includes 50,924 rentable square feet. The building sits on 1.52 acres and features 20-foot ceiling heights, 2 dock-high doors and 6 grade-level doors.
The property sits in an industrial hub on the Duwamish Waterway. Con Global Industries, the Army Corps of Engineers, Mary’s Place and Recology King County are all neighbors to the site. SEATAC International airport, as well as downtown Seattle, are also a short drive away.
The acquisition isn’t the first for David Yuchasz; in August of 2020, Yuchasz acquired several industrial buildings within the Woodinville West industrial complex for $27.8 million. The four Class B buildings are located off of Woodinville-Redmond Road NE. According to data from CommercialCafe, the buildings sit on more than 12 acres of land. Buildings A and B were initially built in 1990, and combined are just over 45,000 square feet. Buildings C and D were originally constructed in 1999. Together, the two buildings have 119,144 square feet and come with 214 parking stalls.
Industrial continues to be a safe bet for investors as the asset class continues to hit new records. By the fourth quarter of 2021, the industrial sector recorded more than 13 million square feet of absorption, according to analyses from Kidder Mathews. The previous absorption high was 6.8 million square feet, which was recorded in 2006.
The tight market is expected to continue. 3.15 million square feet was added to supply in recent months, and the region’s industrial construction pipeline is at nearly 9.5 million square feet. However, 62 percent of that space has already been subleased.