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1/31/24
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Dalfen Industrial has purchased a 26.9k sf industrial property in Auburn, WA for $5.225 mil ($194/sf). It was sold by a private investor.
The property, covering 2.15 acres of land at 214 21st Street SE, offers a unique blend of office, industrial warehouse, and outside storage yard space — a combination that is difficult to find in the Kent Valley, one of the Puget Sound region’s top industrial markets. The in-place tenant has three remaining years on the lease at a rate 58% below market.
Matt McLennan, SIOR, CCIM, with Kidder Mathews represented the seller in the deal. McLennan will continue as the leasing agent for this property.
“Demand for well-located strategic industrial properties continues to be robust,” said McLennan. “Lack of available inventory coupled with today’s difficult investment environment makes these types of deals hard to come by. The seller’s willingness to finance the transaction overcame the challenges we faced.”
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