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7/25/22
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Lift Partners acquired two industrial buildings totaling 382k sf in Kent, WA for $106.1 mil ($278/sf) in an off-market deal. The warehousing facilities were sold by Holman Logistics.
As part of the deal, Holman will execute a 12-month leaseback of the properties and will continue to operate in the current Kent buildings until Holman completes construction and relocation plans for new facilities in Fredrickson and Sumner over the next year.
The two buildings are located at 22434 and 22408 76th Avenue South in Kent and include 200k sf of excess yard space. Both buildings feature substantial warehouses with a mix of dock-high and grade-level loading doors. They also offer rail access to the Burlington Northern Santa Fe line.
Matt McGregor and Bill Condon with Colliers represented both parties in the transaction.
“We’re currently seeing a trend in which industrial buildings are in extremely high demand,” McGregor said. “Inflation coupled with limited supply are causing rents on new leases to skyrocket. This is especially true in Kent, where demand far exceeds supply.”
Vacancy in the Kent Valley submarket remains low, with only 5.4% of its total industrial inventory available for lease. The area has long been one of the most desirable submarkets in the region because of its transportation infrastructure, strong market fundamentals, and proximity to ports in both Seattle and Tacoma.
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