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8/07/20
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Denver-based EverWest Real Estate Investors has completed a $29.5 mil purchase and partial sale-leaseback of an industrial building at 851 SW 34th St. in Renton, WA, just outside of Seattle. The asset was sold by Alliance Packaging.
The Northwest’s largest independent corrugated box manufacturer, Alliance Packaging will continue to occupy approximately half of the 34th Street building under a long-term, 82k sf sale-leaseback agreement. The building’s remaining 82.3k sf, including 13.4k sf of office space, is available for immediate lease.
Totaling 164.3k sf, 851 SW 34th St. offers 26’ clear height, dock-high and grade-level doors in a cross-dock configuration, and heavy power (5,000 amps). It is located less than 15 miles south of downtown Seattle with immediate access to Interstates 5 and 405, and State Route 167. It is also minutes from the Port of Seattle and numerous international and regional airports.
EverWest Managing Director Ryan Madson represented EverWest in the acquisition and sale-leaseback. Arie Salomon and Jeff Forsberg with NAI Puget Sound Properties represented Alliance Packaging in the deal. The acquisition brings EverWest’s Pacific Northwest industrial presence to more than one-half million square feet, including assets in Washington’s Kent Valley and in Auburn, Washington.
It also marks EverWest’s fourth notable U.S. industrial buy in the past four months, including assets in metro Denver, the Inland Empire and the company’s market entry in Nashville. EverWest is actively negotiating additional industrial acquisition opportunities in Seattle, Los Angeles and New Jersey, and continues to seek new industrial investment opportunities in growth markets across the U.S.
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