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December 16, 2018
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EverWest Real Estate Investors Buys 287k sf WA Industrial Portfolio

9/27/18

EverWest Real Estate Investors, in partnership with a Colorado-based investment fund, has acquired a three-building, 286.5k sf industrial portfolio in Auburn, WA, just south of metro Seattle. The acquisition allowed the current tenant – $1.1 bil global packaging company ProAmpac – to assign its purchase option to EverWest in exchange for a 15-year long-term sale-lease back agreement.

The lease allows ProAmpac to maintain 100% occupancy at the project, where it has occupied all three buildings since their construction between 1981 and 2003. The campus serves as ProAmpac’s main production and distribution location on the West Coast.

Located at 701 A St. NW, 701 A St. NE and 713 A St. NE, the ProAmpac campus is situated in the heart of the Kent Valley submarket, one of Washington’s most in-demand warehouse and manufacturing locations. The buildings total 109.9k sf, 97.1k sf and 79.5k sf, respectively, broken out as approximately 262.3k sf of traditional warehouse space with loading docks, and approximately 24.2k sf of office space. The 701 buildings also provide mezzanine space.

The properties are minutes from Interstate 5 and Highways 167 and 18, and only 11 miles from Interstate 405, 13 miles from the Port of Tacoma and 29 miles from the Port of Seattle.

EverWest Managing Director Ryan Madson directed the ProAmpac property acquisition on behalf of EverWest. Tony Kusak, Jack Keenan, Mike Sessa and Jason West of Cushman & Wakefield represented the tenant, ProAmpac, and led the sale-leaseback disposition process. Taylor Hoff with NAI Puget Sound Properties represented the previous landlord, Gates, Gates, Gates LLC.

Within the supply-constrained Auburn market, the current industrial market vacancy rate sits at just 2%, with a limited development pipeline. This compares to a 3.1% industrial vacancy rate in metro Seattle and a 5% industrial vacancy rate in the greater U.S.

EverWest owns two additional industrial buildings in the Kent Valley submarket: The three-building, 138.3k sf West Valley Distribution Center portfolio (acquired in late 2017), and new 43k sf industrial building (completed in late 2017) at 7011 S. 182nd Street. The company continues to seek new industrial investment opportunities in the market.






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