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5/17/22
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We’ve learned of two recent industrial sales in the Spokane, WA area that total roughly $62 mil. The deals were for a 306k sf building located at 9212 W Hallett Rd in Cheney (the Hallett Building), and a 111k sf building located at 15909 E Marietta Ave in Spokane (the Marietta Building).
Purchased by Bridge Investment Group, the Hallett Building sold for $40.4 mil ($132/sf), marking the second highest price paid for an industrial building in the history of the Spokane submarket. The Class A industrial facility was fully leased to a long-term, high credit tenant at the time of sale. Its location in Cheney, WA offers excellent proximity to the Spokane airport and major trucking routes.
Bill Condon and Matt McGregor with Colliers represented both parties in the transaction.
In the other deal, the Marietta Building sold to Dogwood Industrial Properties for $21.6 mil. The sale price reflects the highest price per square foot ever achieved for an industrial building in the Spokane area at $194/sf. Also a Class A facility, the Marietta Building is fully leased to four long-term tenants, including Keystone Automotive. Located in Spokane’s primary industrial district, the property offers easy access to I-90, making it an attractive location for tenants with manufacturing and distribution operations.
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