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6/06/24
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EQT Exeter closed on a sizable industrial buy in the state of Washington, having paid $70.6 mil for Gayteway Business Park buildings B, C, F, and G. The four Class A industrial buildings total 365k sf ($193/sf) of space and sit on 22.3 acres in the city of Arlington.
Located at 20101 and 19927 67th Avenue Northeast, the fully leased, state-of-the-art Gayteway Business Park provides diversified rent income with high-quality tenants. The buildings offer dock-high and grade-level loading, concrete truck courts, 24’-30’ clear heights, abundant parking, and ESFR sprinklers.
Close to skilled labor, I-5, and less than an hour north of downtown Seattle, Gayteway Business Park’s Northend Seattle location has attracted local distributors, wholesalers, and manufacturing tenants.
Brett Hartzell and Paige Morgan with CBRE represented Chris Gayte and Brent Nicholson of Gayteway Business Park. Local market expert, Al Hodge of Broderick Group, assisted on the transaction.
“This transaction is indicative of a positive trajectory for capital markets, particularly in the industrial and logistics space,” said Hartzell. “Despite economic headwinds, well-built and located industrial buildings in the North End market are attracting institutional capital at notable levels.”
According to CBRE Research, land scarcity in Everett, WA and Marysville, WA is shifting development north along I-5. Strong demand is being driven by the robust advanced manufacturing and aerospace industries in the area. The Northern Snohomish County industrial market has doubled in size since 2019 and saw the second-highest net absorption of any market in Seattle over the last 12 months.
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