Home Commercial Shell Midstream Partners Completes Transaction for a 20-Acre Property in Seattle’s Industrial...

Shell Midstream Partners Completes Transaction for a 20-Acre Property in Seattle’s Industrial District for $16MM

By Jack Stubbs

On Friday, December 1st, a transaction was completed for a three-parcel property on Seattle’s Harbor Island, which includes roughly 20 ares, including a 5,110 square foot office building, for $16 million, according to public records filed with King County.

Two entities associated with Houston, Texas-based Shell Midstream Partners were listed as both the buyers and sellers of the property, which could be as a result of Shell Midstream changing the equity participation for the properties. The deal was recorded on December 20th.

Shell Midstream Partners did not respond for comment in time for the publishing of this story.

The property, located at 2555 13th Ave. SW, is comprised of three parcels. The first parcel totals 17.4 acres and includes a one-story 5,110 square foot class C office building constructed in 1947. The other two adjacent parcels are currently vacant and comprise roughly 2.6 acres of industrial space.

The roughly 20-acre property is about two miles from Seattle’s Industrial District and four miles from the center of West Seattle. Additionally, the property sits approximately one mile from access to Washington State Route 99 and about four miles from Interstate-5.

Shell Midstream Partners is a growth-oriented master limited partnership recently formed by Shell to own, operate, develop and acquire pipelines and other midstream assets, according to the company’s web site. The company’s assets consist of pipelines, crude tank storage, and terminal systems, which support the storage and transportation of onshore and offshore crude oil production to Gulf Coast and Midwest markets, according to its web site.