EverWest Buys Seattle Industrial Portfolio
- Nov 03, 2017
HFF secured the sale of a three-building industrial portfolio in Seattle, which included West Valley Distribution Center I, III and V. The properties are located in North Kent Valley and total 138,296 square feet. The company worked on behalf of the seller, a subsidiary of Industrial Property Trust Inc., an industrial-focused program sponsored by an affiliate of Black Creek Group. EverWest Real Estate Partners Inc. acquired the assets.
The properties are located at 19026 and 19042 72nd Ave. S., and 19030 West Valley Highway, in one of Seattle’s most sought-after industrial submarkets, which boasts strong underlying fundamentals, including tenant demand, significant institutional ownership and superior accessibility.
The West Valley Distribution Center I and V are 100 percent leased to three tenants in the manufacturing, distribution and construction industries. SeaMetrics recently extended their term through 2018. The tenant has a specialized light manufacturing build out that streamlines high-value flow meter and control manufacturing and distribution. The properties offer 24-foot clear heights, market standard parking and limited 14 percent office build out.
Director Dave Otis, Co-Head Michael Leggett of HFF’s west coast team and Scott Pertel were part of the team that represented the seller. Senior Managing Director Eric Tupler and Director Erica Christensen led the debt advisory team that sourced the financing on the asset. The company also worked with Arie Salomon and Taylor Hoff of NAI Puget Sound Properties in the transaction. Recently, HFF arranged the sale of Brookhill Towne Center, a 99,142-square-foot, value-add retail center in Westminster, Colo.
Image via Google Street View