(EDITOR’S NOTE: According to public records, the property was purchased for $24 million in a transaction that closed December 15th.)
PORTLAND, Ore.,– ScanlanKemperBard (SKB) has announced a joint venture with an existing capital partner, to acquire 2331 and 2421 W Commodore Way, an industrial property located close to the Magnolia, Ballard and Interbay industrial submarkets.
The entire Commodore property sits on seven acres of land and contains 213,066 rentable square-feet. The acquisition was an owner-user sale and presented a significant opportunity to comprehensively reposition the single-tenant manufacturing facility into a multi-tenant industrial campus. The repositioned property is intended to cater to a diverse pool of industrial users, who have few other choices in the surrounding submarket. Upon completion, the improvements will present potential industrial users some of the most versatile, functional, and institutional-quality industrial space within close-in Seattle.
According to SKB President, Todd Gooding, “This acquisition is in keeping with one of SKB’s core strategies of acquiring Urban Industrial space that caters to both distribution and manufacturing. This is our second investment of this type in Seattle and sixth overall since 2016. We have committed approximately $220 million to this program over the last 12 months.”
SKB Vice President of Acquisitions, Brian Hughes-Cromwick, added, “We have seen tenant interest for over half of the space since we began softly marketing the opportunity, reaffirming our investment thesis.”
SKB is an established real estate developer and operator based in Portland, Oregon. Since its inception in 1993, SKB has originated total portfolio activity of $4.68 billion, comprised of 30.3 million square feet of office, industrial and retail space and 2,154 residential units. With longstanding relationships in each of its markets, SKB has the ability to source, structure and execute value creation across a wide spectrum of real estate opportunities.