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7/08/16
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Bixby Land Company has purchased The Steele Building, a newly-constructed warehouse and distribution building in the Kent Valley sub-market of Seattle. The 206.5k sf facility was acquired from Panattoni Development for $24 mil, or $116/sf.
The building was completed earlier this year and is 100 percent leased to Dometic Corporation and Marine View Beverage. It is located at 1565 Fryer Ave, north of Hwy 410 and east of Hwy 167 in Sumner, about 35 miles south of downtown Seattle.
“Bixby Land is firmly committed to expanding its footprint in the Seattle market,” said Mike Severson, senior vice president of investments at Bixby Land Company. “This is our third industrial acquisition in the last six months in Seattle, and we are looking to add to our investment portfolio there.”
The acquisition was attractive to Bixby due to the location in Kent Valley, where the industrial market is five percent vacant and land prices are on the rise due to the shrinking availability of developable industrial sites. Separately, the building is in the process of achieving LEED Silver certification for superior energy efficiency standards and the use of eco-friendly building materials.
Brett Hartzell and Taylor Odegard at CBRE represented both parties in the transaction.
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