Seattle Flex Portfolio Trades for $29M
- Sep 18, 2020
Alco Investment Co. has finalized the $28.5 million acquisition of two flex industrial buildings totaling 113,022 square feet in Kirkland, Wash. Systima Technologies sold both properties, according to King County records. The assets previously changed hands in 2013 and 2016, when a private investor sold them for a total of $12 million.
Located on 11 acres at 10801 and 10809 120th Ave. NE, the two buildings were completed in 1966 and 1983. The properties have an even 50-50 split of office and industrial space, as well as 2,080 square feet of laboratory space. At the time of the deal, one of the facilities was occupied by the seller, Systima Technologies, while the other was home to Pivotal Commware, a company working to improve the efficiency of 4G and 5G wireless data transmission.
The properties are a short distance from Interstate 405 and 14 miles northeast of downtown Seattle. Other companies with a presence in the I-405 industrial corridor include Amazon, SERVPRO and Gensco.
Earlier in September, Iron Mountain closed the $44.5 million sale of a 276,330-square-foot industrial building in Kent, Wash. CenterPoint Properties acquired the single-story warehouse.