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3/25/25
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In a notable industrial buy out of the Pacific Northwest, Kennedy Wilson acquired Auburn Park 44, a 204.5k sf, multi-tenant industrial/distribution building on over nine acres in Auburn, WA, a suburb just south of Seattle. Located at 814 44th St, the freestanding facility offers a ground-zero industrial location that is near Seattle’s vital nodes of transportation.
Auburn Park 44 boasts ideal industrial features including 24’-30’ clear heights, ESFR sprinklers, heavy power, ample dock high and grade level loading, and abundant auto parking providing optimal leasing optionality to prospective occupiers. Key transportation infrastructure such as the SR- 167, I-5, the Seattle-Tacoma International Airport, and the Ports of Seattle and Tacoma are all located within a 30-mile radius.
Cushman & Wakefield’s Jeff Chiate, Matthew Leupold, Bryce Aberg, Rick Ellison and Aubrie Monahan of the firm’s National Industrial Group –West represented the seller, a global investment advisor, in the transaction. C&W’s Patrick Mullin, in collaboration with Andrew Hitchcock of CBRE, provided local leasing advisory. Additionally, a Cushman & Wakefield Equity, Debt & Structured Finance (“EDSF”) team including Keith Padien and Max Schafer arranged the acquisition loan on behalf of Kennedy Wilson. The price was not disclosed.
“This is an institutional-quality industrial asset well positioned in Auburn, WA, considered as one of the most sought-after industrial submarkets in the country, with vacancy at just 2.9% at the close of 2024 (per C&W research). The property features exceptional access to an abundant labor pool, over 4.5 million consumers within a 50-mile radius, plus Seattle’s robust freeway network, together with long-term tenancy and major companies that have occupied their space since building inception as well as headquartered at Auburn Park 44,” said Chiate.
“Furthermore, the property’s strategic infill location, building features, and balanced multi-tenant rollover make Auburn Park 44 a special mark-to-market opportunity providing the new owner with meaningful potential growth in operating cash flows,” added Chiate.
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