By Jack Stubbs
The city of Renton in King County, Washington, has seen no shortage of transaction and development activity in recent months.
And on Monday, October 1st, a warehouse property in the city on the southern edge of Lake Washington sold for $10.02 million, or approximately $130 per square foot, King County records show. The buyer was Renton Building Properties LLC, an entity that shares the same address as E&E Foods, a seafood wholesaler based in Seattle. The seller was Orca Bay Seafoods Inc., a provider of seafood based in Renton.
The subject property, located at 900 Powell Ave. SW., is called the Orca Bay Warehouse and currently serves as the corporate campus for the previous owner, according to Google Maps. The Class B property totals 76,900 square feet and was built in 1977, according to the property listing on loopnet.com.
Sitting on approximately 2.8 acres, the property is adjacent to a Walmart Supercenter between SW 7th St. and SW 10th St. The asset is approximately two miles southwest of downtown Renton and roughly one mile from access to Interstate-405.
Along with the recently-sold warehouse on Powell Ave., there have been a number of property sales in Renton in recent months indicating that the city on the edge of Lake Washington continues to remain on the radar from an industrial and multifamily perspective.
Following up on its acquisition of several warehouse/manufacturing buildings in Renton, Tukwila and Kent in early 2018, California-based LBA Realty on August 8th acquired a warehouse/distribution center in Renton located at 3002 Lind Ave. for $11.3 million, or approximately $141 per square foot, from True Partners LLC.
Colliers International’s Matt McGregor, who arranged the transaction and will act as the leasing agent on behalf of LBA Realty, highlighted in a released statement how the area around Renton continues to be viewed favorably from an investment standpoint. “The ability of warehousers to ships goods in and out of the nearby Port of Tacoma and Port of Seattle and distribute across the Pacific Northwest has made the Kent Valley a highly competitive industrial market. We received a lot of interest in the 3002 Lind Avenue Building from investors from all over,” McGregor said.
Two apartment complexes at The Landing mixed-use development in Renton—which is about three miles north of the Orca Bay Warehouse—also recently changed hands. On September 25th, Colorado-based Griffis Residential acquired two adjacent apartment properties at The Landing for a combined $282.5 million from San Diego-based Fairfield Residential. The company acquired the 440-unit Reserve Apartments located at 1202 N. 10th Place for $143 million, or approximately $325,000 per unit, and purchased the 440-unit Sanctuary Apartments for $139.5 million, or approximately $317,045 per unit.