Suburban Seattle Industrial Park Commands $13M

Colliers brokered the sale of the two-building Olympic Industrial Park in SeaTac, Wash., that changed hands in a 1031 exchange transaction.
1200 S. 192nd St. in SeaTac, Wash.
1200 S. 192nd St. in SeaTac, Wash.

Wells Fargo Wealth Management has purchased Olympic Industrial Park, a 94,739-square-foot industrial and office ensemble in SeaTac, Wash., on behalf of an undisclosed 1031 exchange buyer. Avenue 55 sold the two-building asset for $13 million in a deal brokered by Colliers International.

The buildings are located at 19111 Des Moines Memorial Drive and 1200 S. 192nd St., between the Seattle and Tacoma ports. Olympic Industrial Park is situated next to Seattle-Tacoma International Airport, providing easy access to interstates 5 and 405, as well as routes 509 and 99.

Successful repositioning

1911 Des Moines Memorial Drive in SeaTac, Wash.
1911 Des Moines Memorial Drive in SeaTac, Wash.

The asset was constructed in 1983 and renovated after Avenue 55’s $6.4 million purchase in 2015. The property at 19111 Des Moines Memorial Drive, comprising 75,588 square feet, is 100 percent leased to tenants such as Alaska Airlines/Horizon Air, Seattle Air Cargo and BlueStar Refreshment Services. The asset features 26 loading-dock and seven grade-level doors and 20-foot clear height ceilings.

The second building encompasses 20,548 square feet of office space across three stories. At the time of sale, the property was occupied by the International Rescue Committee, Carmichael International Service, Argent Express Group and Sea & Air Transport, among others.

Colliers’ team representing the seller included Senior Vice Presidents Scott Alan and Patrick Mullin. According to the brokers, under the Avenue 55 ownership, they succeeded to stabilize the assets by increasing occupancy of the warehouse from 50 to 100 percent and the office building’s from 75 to 92 percent.

“The sale of Olympic Industrial Park was the final initiative in a successful repositioning of the buildings over the past three years by both ownership and the Colliers team, said Alan and Mullin, in a prepared statement.

Earlier this year, Colliers represented the owner of the Watson Industrial Park in Chino, Calif., in the signing of two leases nearing 1.2 million square feet. The master-planned complex is slated for completion by late 2019.

Images courtesy of Colliers International