By Kate Snyder
The Seattle industrial market is continuing to see a steady pace of sales activity. One recent transaction involved a warehouse in the city’s industrial district that traded hands for $10.6 million, or approximately $379 per square foot, according to King County public records. The buyer was Seattle Public Schools District 1, and the seller was an entity affiliated with 640 Spokane LLC and Jeffrey M. Schoenfeld.
The one-story building is located at 640 S Spokane St. and sits on nearly one acre of land, property records show. It was built in 1960 and totals 27,933 square feet. It’s located right at the interchange between the Spokane Street Viaduct and Interstate 5. Nearby groups within the industrial district include Bloch Steel Industries, Union Pacific’s Argo Yard, Con Global Industries and Airport Way Center.
The warehouse property was last sold in 2015 for $3.7 million, or approximately $132 per square foot, according to property records. The seller in that transaction was an entity affiliated with SETAY LLC as well as Patrick Yates and Robert Yates.
According to Seattle Public Schools District 1 records, the district’s board approved the purchase during a recent meeting. The district plans to use the space as its surplus and capital projects warehouse.
Seattle’s industrial district has seen other recent sales activity.
Earlier this year, a 181,577 square foot building traded hands for $29.2 million, or approximately $160 per square foot, according to previous reporting from The Registry. The seller was an entity affiliated with American Life, Inc., a real estate development company, and the buyers were entities affiliated with Foushee and Associates, a construction firm, and Urban Storage, a self-storage operator. The property is located at 3100 Airport Way S, just west of Interstate 5 and near Seattle’s SoDo neighborhood.
Also earlier this year, Lift Partners sold a 35,384 square foot industrial site in the same district for $21 million, or approximately $593 per square foot. An entity affiliated with the firm was listed as the seller, and the buyer was an entity affiliated with Swickard Auto Group, a national dealership that has been acquiring multiple properties in the Puget Sound region in recent months. The property is located at 811 S Massachusetts St. and consists of an office building and a warehouse.
