By Kate Snyder
Investors continue to be attracted to the industrial market in Sumner with the recent sale of a local business’s corporate headquarters. An entity affiliated with Steve Bateman, president of the pavement marking company Stripe Rite, sold the firm’s Sumner building along with two adjacent parcels, according to Pierce County public records. The sales price was recorded at $11.5 million, or approximately $914 per square foot, and the buyer was an entity that shares an address with Heartland Signature Homes, LLC, a general contractor in Woodinville.
The building is located at 1813 137th Ave. E, and the adjacent parcels also included in the sale are 1717 and 1725 137th Ave. E, property records show. The 12,580 square foot main structure sits on 1.5 acres in the north end of the city. Nearby businesses include an Amazon fulfillment center, Lululemon USA, Inc., and a Costco distribution center as well as a number of materials stores and construction firms.
The property serves as the headquarters for Stripe Rite, according to the firm’s website. The company also has locations in Bremerton, Kennewick, Yakima and Spokane. Among the firm’s services offered are pavement marking, signage, parking lot maintenance, seal coating and traffic control.
Sumner has seen prior sales and lease transactions recorded in the city’s industrial market.
Last year, New York-based Fortress Investment Group expanded its industrial footprint with an acquisition in the city. The company paid $25 million, or roughly $147 per square foot, for a 170,000 square foot property located at 1901-2005 Fryar Avenue, according to previous reporting from The Registry. The seller was Enumclaw-based The Wattles Company. The industrial property sits on a 6.63-acre site. It is considered a Class-B asset and was developed in 1950. The building also includes 76 parking spaces.
Earlier this year, Tarragon announced signing a 293,000 square foot lease with Allen Distribution at its SeaPORT Logistics Center. Allen Distribution has leased all of Building 5 at the Class A industrial park. The deal with Tarragon was for the sixth building of the 2.7 million square foot assemblage.