Home Commercial SKB and Independencia Acquire Fremont Industrial Property for $26MM

SKB and Independencia Acquire Fremont Industrial Property for $26MM

SKB, Independencia, Seattle, Fremont, 1340 N Northlake Way, 110 Atrium
Courtesy of SKB and Independencia

(EDITOR’S NOTE: According to public records, the sale closed on December 8th, 2021. SKB and Independencia purchased properties $26 million.)

PORTLAND, Ore. — ScanlanKemperBard (SKB) has announced a joint venture with Independencia to acquire 1341 and 1340 N. Northlake Way, a four-story, multi-tenant, creative office/industrial building and single-story warehouse building. Both buildings sit on 1.93 acres of prime land with water and city views.

The property currently is 100 percent leased to high-quality tenants, comprising a diversified rent roll, which spans multiple industries ranging from manufacturing, software, and industrial marine related uses. The easy access to Burke-Gilman Trail and accessibility to the Fremont, Ballard, Queen Anne and Magnolia neighborhoods is a selling point for tenants and employees.

By implementing targeted capital improvement and maintenance programs, SKB expects to maintain the high occupancy rate and stabilized cash flow.

According to SKB President, Todd Gooding, “This is SKB’s second acquisition in the Inter-Bay region of Seattle and in keeping with one of our core strategies of acquiring assets that cater to manufacturing and industrial related uses.”

“Following the successful sale of 110 Atrium in Bellevue with SKB, we are excited to be partnering with them again in another dynamic Seattle market.” said Independencia Asset Management Chief Operating Officer, Felipe Figueroa.

About ScanlanKemperBard

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 $4.78 billion, comprised of 31.2 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. 

About Independencia Asset Management LLC (“IAM”)

IAM is a real estate asset management firm headquartered in Miami with an additional office in Boston. Since incorporating in the United States in 2004, IAM has invested in more than 18 million square feet of core-plus and value-add office, retail and industrial assets in 19 states with 10 different local operating partners. To date, IAM has invested in over $3 billion worth of real estate assets through 50 different SPEs. IAM’s current portfolio consists of approximately $2.3 billion of assets under management through 32 different SPEs. IAM’s parent company, founded in Santiago in 1990, currently manages the largest real estate investment fund in Chile and is considered the country’s industry leader in terms of size and fund yields.