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2/21/08
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Portland-based Harsch Investment Properties has turned its attention northward to the Puget Sound market, at least for its latest acquisitions, two industrial parks that cost a combined $19.25 mil. In one of the deals, the company bought the 126k sf Kenyon Industrial Park, located at 121 South Kenyon St in South Seattle, for $11.75 mil ($93/sf).It was sold by Statewide Mortgage Services Company Inc. Jim Honan of Neil Walter Company assisted Harsch in the deal.
The four-building, 6.49-acre Kenton Industrial Park enjoys high visibility from Hwy 509 at the intersection of Hwy 99 and Hwy 509. The project is 100% leased and include such tenants as Seattle School District, Sur La Table, Sunfresh Foods Inc, Second Use Building Materials Inc, and Flying Fish.
The second purchase was the 113k sf Furniture Factory Direct building at 8240 South 196th St in Kent Valley for $7.5 mil ($66/sf). Craig Wilson, Steve Sutherland, Milt Reimers and Demetry Vyzis of CB Richard Ellis repped the buyer and the seller, Davis 196 LLC, in the transaction.
The single-story Furniture Factory Direct industrial building is 100% leased to Furniture Factory Direct. Located at the "Main and Main" of Kent Valley at East Valley Hwy and S. 196th, the 4.78-acre site commands high visibility and is within one-half-mile of two freeway interchanges on SR-167. The property serves the Ports of both Seattle and Tacoma, the cities of Seattle, Bellevue and Tacoma and the rapidly expanding Southend market.
"We have had our eye on Kenyon for a number of years as it compliments our existing industrial business parks we own at South 93rd, South 96th and South Cloverdale. Quality real estate like this is always in high demand and this purchase increases our total square footage in the South Seattle area to over 600k sf," said Jordan Schnitzer, President and CEO of Harsch Investment Properties. "The Furniture Factory Direct building is our second acquisition in the past 12 months in the Kent Valley market and further entrenches our commitment to the area as a wonderful place for real estate investment." Harsch previously acquired the eight-building, 150k sf multi-tenant Century Industrial Park located off West Valley Hwy and S 196th St in 2007.
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