By Jon Peterson
New York City-based TH Real Estate has placed on the market for sale two industrial assets in the greater Seattle market. The properties are located at 11101 South Tacoma Way in Lakewood and 2501 East Valley Road in Renton.
TH Real Estate has hired the Seattle office of CBRE to oversee the sale of these assets. The seller and CBRE declined to comment when contacted for this story.
The property in Renton is a 460,000 square foot property. It’s all warehouse/distribution space. The property is leased to three tenants that still have a significant amount of time remaining on their leases. According to industry sources, TH Real Estate has owned this property since 2011.
This property could attract a price point of around $140 per square foot or $64.4 million, according to sources that track the sale of industrial assets in Renton. The capital sources interested in the asset could be major institutional buyers given its size, infill location and that it has had no vacancy for several years.
TH Real Estate has owned the Lakewood Corporate Center since July of 2014. At that time, the real estate investor had paid $17.5 million for the property, as stated by sources that track the sale of industrial properties in that market.
This property is warehouse distribution space. It has less than five percent of the property being office space. Three tenants occupy all of the existing space in the property. The property is about 10 years old.
There is some flexibility into the sale of the two properties. Both of them could be sold to a single investor or each property could be sold to a different buyer. Its projected that the sale of these assets will likely be completed sometime after Labor Day.
