LaSalle Investment Sells Seattle Logistics Asset for $73M

The three-building complex previously sold for $38.7 million in 2013.
South Seattle Distribution Center. Image via Google Maps

LaSalle Investment Management has finalized the $72.6 million sale of South Seattle Distribution Center, a three-building industrial park totaling 315,392 square feet in Seattle. Charlie’s Produce acquired the warehouses, according to King County records. The complex previously traded in December 2013, when Metzler Real Estate sold it for $38.7 million, CommercialEdge data shows.

The new owner financed the purchase with a $71.7 million loan provided by KeyBank. The mortgage also encumbers a 104,099-square-foot warehouse just south of the current assets. Charlie’s Produce acquired that building for $17 million from a group of private investors in October, public records show.

Located on 10 acres at 3844 and 3800 First Ave. S. and 3601 Second Ave. S., the three facilities were built in 1949, 1968 and 1980, respectively. The properties have a total of nine grade-level and 17 dock-high doors. The Second Avenue property has a two-level office component.

Situated in Seattle’s Industrial District, the complex is a short distance from Interstate 5 and 3 miles north of King County International Airport, home to several Boeing facilities. Approximately 5.5 million square feet of industrial space is within a mile of the properties, according to CommercialEdge, with major tenants including UPS, DHL and Food Service International.

In December a partnership between LaSalle Investment Management and Stream Realty sold Park Row Logistics Center, a 155,425-square-foot warehouse in Arlington, Texas. Clarion Partners acquired the fully leased facility.