Growing submarket attracts record-breaking investment by two separate institutional buyers
SEATTLE, Wash. – May 9, 2022 – Continuing the national trend of intense investment activity in the industrial sector, $62,000,000 was added to the Spokane area’s total sales volume for 2022 by Colliers, a leading diversified professional services and investment management company. The firm’s Seattle-based industrial experts Bill Condon and Matt McGregor oversaw the sale of two separate industrial properties within the greater Spokane area: a 306,000 SF building located at 9212 W Hallett Road in Cheney (the Hallett Building), and a 111,000 SF building located at 15909 E Marietta Avenue in Spokane (the Marietta Building). Both transactions set new high water marks for institutional investment in the submarket.
“These are both excellent transactions for all the involved parties,” said Condon. “The price achieved for these properties, both by institutional investors, is indicative of significant growth in the Spokane submarket.”
Purchased by Bridge Investment Group, the Hallet Building closed for $40,400,000 (roughtly $132 per square foot) on May 2nd, marking the second highest price paid for an industrial building in the history of the Spokane submarket. The Class A industrial facilitiy was fully leased to a long-term, high credit tenant at the time of sale. Its location in Cheney, WA offers excellent proximity to the Spokane airport and major trucking routes. Colliers represented the seller and the buyer in the transaction.
The Marietta Building sold to Dogwood Industrial Properties for $21,600,000 (nearly $195 per square foot). The sale price reflects the highest price per square foot ever achieved for an industrial building in the Spokane area at $194. Also a Class A facilitity, the Marietta Building is fully leased to four long-term tenants, including Keystone Automotive. Located in Spokane’s primary industrial district, the property offers easy access to I-90, making it an attractive location for tenants with manufacturing and distribution operations.
“Limited supply and outsized demand are keeping the competition fierce in the industrial sector,” Condon said. “We expect to see traditionally secondary markets like Spokane attract even more attention from institutional investors as they work to secure footholds across the nation.”