CenterPoint Completes Seattle Portfolio Deal

The two industrial properties are located at the gateway of the city and total approximately 342,000 square feet. They will undergo capital improvements and a rebranding.
5960-5990 First Ave. S.

CenterPoint Properties has acquired two industrial facilities located at the gateway of Seattle. The two properties span almost 12 acres and encompass 342,869 square feet. Jim Honan and Kevin Skillestad of Neil Walter Co. represented the buyer in the transaction. The seller is Michigan Properties, according to King County public records.

The facilities are located at 5900 and 5960-5990 First Ave. S. and are 100 percent leased to seven tenants, including Ener-G Foods and Open Square. The site, accessible via Route 509 and Interstate 5, is close to Port of Seattle and Seattle’s central business district.

These buildings represent the last institutional quality assets of scale in the South Seattle market,” Ryan Dunlap, senior vice president of investments with CenterPoint, said in a prepared statement.

The new owner, which has been significantly expanding its industrial portfolio since the beginning of the year, plans to bring capital improvements to both assets, including a rebranding. Currently, the properties feature a parking lot for vehicles, as well as a truck court.

Image via Google Street View