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12/31/24
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A 315.4k sf industrial portfolio in Seattle traded hands in a recent end-of-year transaction. The deal had a price tag of $64.21 mil, which works out to $203/sf.
The portfolio includes two industrial facilities: Kent Valley DC II, Kent Valley DC IV. The properties are in Kent, WA, roughly five minutes from the I-5, SR-167 and SR-516 freeways. The two high-quality distribution buildings (Kent Valley DC II and IV) were constructed between 1995-1997 and feature 30' clear heights and a high dock-door count.
CBRE National Partners West’s Brett Hartzell and Paige Morgan, along with Andrew Stark and Andrew Hitchcock, represented the seller in the transaction.
“This industrial portfolio represents irreplaceable real estate in the infill Kent Valley submarket,” said Hartzell. “Since 2021, only four trades of a similar scale and profile have occurred in the Kent Valley.” Kent Valley serves as a vital distribution hub for the Pacific Northwest.
According to CBRE Research, Kent Valley rents have increased by 127% since 2015 and recorded a 13% rent growth in 2023, making it the most desirable submarket in the Pacific Northwest.
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