By Jack Stubbs
On Monday, June 11th, a warehouse property in Kent sold for $10.5 million, or approximately $165 per square foot, according to public records filed with King County. The buyer of the property was London, England-based TH Real Estate, a global real estate investment management firm affiliated with Nuveen. TH Real Estate acquired the property from New York-based DRA Advisors LLC, a real estate investment company.
The buyer did not respond to calls for comment in time for this publishing of this story.
According to Martin Coyne, senior asset manager in DRA Advisors’ San Francisco office, the sale was part of a larger portfolio transaction that also included two properties in the San Francisco East Bay.
Brett Hartzell in CBRE’s Seattle office was the broker in the property transaction.
The warehouse property, located at 7819 S 206th St., was built in 1996 and totals 63,576 square feet. The property includes approximately 5,000 square feet of office space, according to Hartzell, and is currently occupied by Allied Tube & Conduit, who is on a long-term lease.
The property is approximately four miles north of Kent and eight miles to the southeast of SeaTac. Additionally, the property is roughly six miles from access to the intersection of Washington State Route 167 and Interstate-5.
TH Real Estate, founded in 2014, currently has about $107 billion in assets under management across eighteen countries worldwide as of September 30th, 2017, according to the company’s web site. The firm’s U.S. portfolio includes 351 properties in industrial, mixed-use, multifamily residential, retail and office uses. The company has been investing in real estate since 1934 and out of $107 billion, $73 billion of assets are under management in the United States alone.
The company has been active in the Puget Sound commercial real estate market in recent months. On September 22nd, 2017, the company sold the 205,000 square foot Lakewood Corporate Center—a Class A industrial distribution warehouse—to Boston, Massachusetts-based TA Realty for $23.9 million. On December 28th, the company sold the 150,000 Square Foot Roosevelt Square Shopping Center to Florida-based Regency Centers for $68.2 million.
Founded in 1986, DRA Advisors is an investment management firm that provides services for institutional and private investors. The company currently has over $10 billion in assets under management and operates in the office, retail, multifamily and industrial sectors in the U.S, according to its web site. The company’s industrial portfolio includes 195 properties totaling 31 million square feet. In the Puget Sound region, the company also owns the Redmond Town Center, a 696,561 square foot shopping center.