Bixby Land Adds The Steele Building to Seattle Portfolio
- Jul 08, 2016
Seattle—The Steele Building in Seattle’s Kent Valley submarket is the latest asset added to Bixby Land Co.’s portfolio. The Newport Beach, Calif.-based investor is in the midst of expanding its industrial holdings in accordance to its strategy of acquiring fully leased assets in primary markets along the West Coast. The transaction was worth $24 million, a per-square-foot rate of $116.
Located at 1565 Fryer Ave. in Sumner, Wash., the facility offers 206,463 square feet of space. The warehouse and distribution building was completed earlier this year, and is in the process of receiving LEED Silver certification from the U.S. Green Building Council. The asset is operating at full occupancy, with tenants Domestic Corp. and Marine View Beverage taking up the entire space on long-term deals.
Arranged by CBRE representatives Brett Hartzell and Taylor Odegaard, the deal “furthers our investment activities in core industrial properties”, Bixby Senior Vice President of Investments Mike Severson noted. This is Bixby’s third industrial acquisition completed in the Seattle metro during the last six months. The company will continue to look for investment opportunities with institutional grade industrial investments in the $5 million – $50 million price range.
Image courtesy of Bixby Land Co.