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June 22, 2024
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Industrial Building in Washington Traded for Nearly $35 Mil


Dalfen Industrial acquired the Rainier Industries Building in Tukwila, WA for $34.8 mil. Located at 18375 Olympic Avenue South, the 135.5k sf ($257/sf) building sits on 6.76 acres of land in one of the country’s most highly sought after industrial markets.

The property offers direct visibility on Olympic Avenue South with easy access to I-5, SR 181 and SR 187, and good proximity to both the Port of Seattle and the Port of Tacoma. The building is currently 100% leased to Rainier Industries, a display, shade and shelter manufacturer that has been operating in Washington state for 125 years. The company plans to continue occupying the property under new ownership.

Matt McGregor and Bill Condon with Colliers represented both parties in the transaction.

“The Kent Valley industrial market is as tight as I’ve seen it, with vacancy for manufacturing facilities like the Rainier building sitting at 2.3%,” noted McGregor. “Opportunities to acquire this caliber of asset in this submarket and retain a stable, long-term tenant are incredibly rare.”

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