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4/30/24
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KRL Legacy LLC, an entity of Ace Relocation System Inc, purchased Pike Distribution Center, a 108k sf industrial property in Auburn, WA, for $26.65 mil ($247/sf). The asset was sold by CenterPoint Properties.
Pike Distribution Center is situated in the Kent Valley industrial hub and conveniently located near major confluences of Interstate 5, State Route 167, and Highway 18, minutes from the Port of Tacoma and SeaTac Airport. The 25-foot clear-height building includes secured and fenced trailer parking.
Kraig Heeter, SIOR, and Mike Newton with Kidder Mathews represented the buyer in the deal. Matt Murray of Kidder Mathews along with Matt Wood of KBC Advisors, repped the seller.
“Pike Distribution Center presents a unique opportunity with its rare dual-loaded orientation and expansive yard area. These features make it an ideal home for any business, ensuring its longevity,” said Murray.
There has been a rise in owner/user acquisitions in the Kent Valley. KRL Legacy will operate part of the property. The 50.4k sf of unoccupied space is being marketed for lease by Heeter and Newton.
“The user has been looking for an opportunity like this for many years and initially focused on developing raw land,” said Heeter. “However, high construction costs and a long entitlement process made this difficult. The pause in institutional demand allowed them to purchase an existing building at a discount compared to the peak of the market 12 months ago.”
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