Exeter Property Group Pays $195M for Washington Industrial Facility

The firm expands its portfolio with the acquisition of a 1.2-million-square-foot warehouse in Centralia, Wash.
UNFI Distribution Center. Image courtesy of NKF

Exeter Property Group has acquired the UNFI Distribution Center, a 1.2-million-square-foot, newly developed, single-tenant warehouse and distribution facility in Centralia, Wash, for $195 million, according to public records. Citizens Bank provided $107.5 million to finance the acquisition, public records show. NKF arranged the transaction on behalf of the seller, O’Keefe Development.

The industrial center is strategically located at 4002 Galvin Road, near Interstate 5 and freeways 6 and 12, which enable access to the entire region. The property is situated approximately 80 miles from Seattle and 90 miles from Portland.

Built-to-suit facility

Positioned on 77 acres, the facility was built-to-suit for UNFI on a 20-year lease term and comprises 606,795 square feet of dry warehouse and a 529,000-square-foot computer-controlled freezer. The center has a trucking maintenance and fueling facility and features 40-foot clear heights.

The Benaroya Company sold the land to O’Keefe Development to construct the distribution center, exclusively for UNFI to consolidate its regional facilities. UNFI is expected to fully transition by early 2020.

NKF Co-Head, US Capital Markets Kevin Shannon, Executive Managing Directors Bret Hardy, Jim Linn and Tim O’Keefe, along with Managing Director Brad Burton represented the seller. In November, the firm arranged the sale of a 276,585-square-foot industrial facility in Garden Grove, Calif.