EverWest Real Estate Investors Expands Seattle-Area Portfolio

The company paid $29.5 million to acquire an industrial property in Renton, Wash., in a partial sale-leaseback deal with its previous owner.
851 SW. 34th St. Image courtesy of EverWest Real Estate Investors

EverWest Real Estate Investors has acquired 851 SW. 34th St. in Renton, Wash., as its first purchase in a string of expected Seattle-area industrial acquisitions in 2020. The company paid $29.5 million in a partial sale-leaseback deal with Alliance Packaging, which will continue to occupy half of the property under a long-term lease.

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The 164,332-square-foot industrial property was built in a cross-dock configuration with 26-foot clear heights, dock-high and grade-level doors and 5,000 amps of power. Alliance will take up 82,019 square feet of the building, while the property’s remaining 82,313 square feet including 13,440 square feet of office space is currently available for lease.

Ryan Madson, Managing Director, EverWest Real Estate Investors. Image courtesy of EverWest Real Estate Investors

The property also has access to Interstates 5 and 405 and State Route 167, while being less than 15 miles south of downtown Seattle, roughly 12 miles away from the Port of Seattle and near both Seattle Tacoma International and King County International Airports.

NAI Puget Sound Properties’ Arie Salomon and Jeff Forsberg represented Alliance in the transaction. EverWest Real Estate Investors Managing Director Ryan Madson represented EverWest.

Washington state buying spree

EverWest’s purchase of 851 SW. 34th St. kicks off its anticipated streak of industrial acquisitions in Washington state. Madson told Commercial Property Executive that Washington state has been one of the top target markets where the company has been looking for multiple acquisition opportunities.

The Seattle economy is a very dynamic one with many strong growth companies that range from technology and life science industries all the way to manufacturing,” Madson told CPE. “We think that there will be long-term value for industrial properties that are located close to major population centers with strong economies like you find in Seattle.”

EverWest has also invested in Seattle’s office market for the first time with the acquisition of a mixed-use office building totaling roughly 73,000 square feet last year. Over the last four months, EverWest made three other notable industrial property acquisitions outside Washington state, with purchases in metro Denver, the Inland Empire, Calif., and Nashville, Tenn.