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1/29/16
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Bixby Land Company purchased two newly built industrial buildings totaling 98.2k sf in the greater Seattle, WA area from Panattoni Development Company. The $12.4 mil purchase includes fully-leased buildings in the Kent Valley submarket, an active area for industrial properties.
1417 West Valley Highway North, Auburn |
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“Seattle is a major focus for us in 2016 and going forward, both for the investment in leased industrial properties and value add office properties,” said Mike Severson, senior vice president of investments at Bixby Land Company.
One of the acquisitions is a 63.8k sf building at 14513 32nd Street East in Sumner, WA. The property is occupied on a long-term lease by OMADA International, a supplier to the aerospace industry. The Sumner market has an industrial base of 14.4 msf that is 7.5 percent vacant.
The other purchase is a 34.4k sf building at 1417 West Valley Highway North in Auburn, WA that is leased to Tellwork Communication. The Auburn market is the second largest in the Puget Sound, with an inventory of 26.2 msf that is a scant 3 percent vacant.
“These acquisitions are a natural extension of our investment activities in California, Arizona and Nevada, and we like the regional business activity spurred by the ports, added Severson. “We’re currently looking for additional industrial properties to expand our holdings in Seattle.”
Brett Hartzell and Taylor Odegard of CBRE represented both parties in the transaction.
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