Seattle, August 26, 2019 – In a transaction arranged by Colliers International industrial experts Bill Condon and Matt McGregor, two industrial parks in southern King County, WA were recently sold to TA Realty. A local Puget Sound private investor family traded Pacific West Business Center in Kent and White River Corporate Park in Auburn to the real estate investment management firm for a total of approximately $22 million.
The two properties encompass four buildings on 6.3 acres of land. Built in 1979 and located at 18852-18872 72nd Avenue South, Pacific West Business Center totals 60,530 square feet on a 3.3-acre campus setting. It is fully leased to nine tenants. White River Corporate Park at 2200- 2222 West Valley Highway North measures approximately 60,852 square feet of warehouse space in two buildings. Built in 2004, it is fully leased to five tenants.
“The Kent Valley is one of the strongest industrial markets in the country, due primarily to its location near the Ports of Seattle and Tacoma, Sea-Tac International Airport and rail connections,” noted Condon. He added, “Available existing product is limited, however, as are developable land sites, so these properties drew a lot of interest from investors looking to place funds in an environment of robust tenant demand and rising rents.”
Per Colliers’ Q2 Research & Forecast Report, the vacancy rate in the Kent Valley totaled just 5.6% of its nearly 99 million-square-foot inventory of industrial space. Industrial properties valued at $565.6 million have traded thus far this year, a clear testament to the ongoing interest investors have in the area.
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Colliers International (NASDAQ, TSX: CIGI) is a leading global real estate services and investment management company. With operations in 68 countries, our 14,000 enterprising people work collaboratively to provide expert advice and services to maximize the value of property for real estate occupiers, owners and investors. For more than 20 years, our experienced leadership team, owning more than 40% of our equity, have delivered industry- leading investment returns for shareholders. In 2018, corporate revenues were $2.8 billion ($3.3 billion including affiliates), with more than $26 billion of assets under management.
