Blackstone Acquires Suburban Seattle Warehouse

The building previously traded for $3.5 million in 2005 as part of a 1031 exchange.
9860 40th Ave. S. Image via Google Maps

Blackstone Group has finalized the $11.4 million acquisition of a 48,000-square-foot warehouse and distribution center in Seattle. A private investor sold the property, according to King County records. The asset last changed hands in 2005 for $3.5 million in a 1031 exchange.

Located on 2 acres at 9860 40th Ave. S., the building was completed in 1967. For the past 15 years, the property has served as a manufacturing facility and distribution center for Noble Wines, which was acquired by The Winebow Group in 2015. The single-story facility has a 7,505-square-foot office component along with one grade-level and nine extra-large dock-high loading doors.

The property is a short distance from Interstate 5 and 3 miles from King County International Airport. Other companies with facilities in the immediate vicinity include Steeler, Harrington Industrial Plastics and Pacific Grip & Lighting. Downtown Seattle is 9 miles northwest of the site.

In August, Blackstone completed the disposition of a fully leased, eight property-portfolio totaling 1.2 million square feet in Greenville, S.C. Sealy & Co. purchased the assets, marking its first acquisition in the state and the second largest in the company’s history.