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11/02/22
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Lakewood Business Park, a 136.4k sf, multi-tenant industrial park in Lakewood, WA, a submarket of Seattle, was purchased for $32.9 mil by a private 1031 exchange buyer. The multi-tenant industrial park was sold by MCA Realty, who acquired the asset for $18.23 mil in December 2020.
Built in 1978/1981 and comprising six buildings, Lakewood Business Park is located at 10107 South Tacoma Way, less than eight miles from the Port of Tacoma and less than two miles from the Lewis-McChord joint army and air force base. These destinations drive local industrial demand, as the Port of Tacoma supports more than 42,100 jobs and Joint Base Lewis-McCord has a population of over 295,000.
According to Tyler Mattox, Principal at MCA Realty, the firm was able to boost the property value by increasing in-place rents and providing tenants with outside storage. In addition, they developed multiple fenced yards on a portion of unimproved land.
MCA Realty also implemented updates to the property, including new paint, asphalt, curbing, lighting repairs, and landscaping. While the asset was 85% leased when they acquired it, the company was able to sell it at 100% occupancy after completing these upgrades.
Brett Hartzell, Paige Morgan, and Rebecca Perlmutter of CBRE, along with Nick Ratzke, John DeHan of Neil Walter, represented MCA Realty in the transaction. The buyer was repped by Gary Stache, Anthony DeLorenzo, and Bill Maher of CBRE.
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