By Jack Stubbs
On January 28th, in a transaction that was recorded earlier this week, a three-building warehouse/manufacturing property in Renton sold for $12.3 million, or around $243 per square foot, King County records show.
The buyer was Annapolis, MD-based Realterm Logistics, a national owner and manager of logistics facilities predominantly serving the transportation industry. The seller was Indianapolis, IN-based Scannell Properties, a privately owned development and investment company that focuses on build-to-suit projects throughout the U.S. and Canada.
The transaction comprises two parcels, located at 400 SW 34th St., on which sit three adjacent warehouse/manufacturing buildings, according to public documents. The first parcel, which comprises just over five acres, is home to two transit warehouses that were built in 1980 and total just under 43,000 square feet. The other structure included in the transaction is a 7,700 square foot transit warehouse/service garage that sits on a four-acre parcel.
According to Google Maps, the two-building property is occupied by trucking companies XPO Logistics and Midwest Motor Express Inc. The warehouses are located in close proximity to various other industrial/manufacturing companies, some of which include True Fabrications Warehouse, East Valley RV and Boat Storage, and Puget Sound Abatement LLC.
The subject property is about two miles south of Renton via State Route 167 and approximately four miles east of Tukwila via Interstate-5, offering a location that is served by several of the South King County region’s prominent transit corridors.
Realterm Logistics, a firm that focuses on acquisitions that meet the needs of logistics and transportation users—through transactions ranging from from $3 million to $500-plus million— generally targets properties that are located near large population centers and key transportation nodes, and offer convenient access to regional roads, rail systems and/or ports, according to the company’s web site.
Realterm’s portfolio includes a number of industrial/warehouse assets in California and New Jersey. In the city of Sea-Tac, just a few miles south of downtown Seattle via Interstate-5, the company also owns a cross-dock/transload office/warehouse property that totals 40,992 square feet.