SEATTLE—Investment activity in the strategic Kent Valley industrial market picked up this month with the purchase of 70 acres in south King County from Boeing Co by IDS Real Estate Group and Clarion Partners, the two companies announced today. Terms of the transaction were not disclosed, but the purchase paves the way for the most significant industrial development opportunity in the Kent Valley in several years.
IDS Real Estate Group, with assets throughout the Western United States, and New York-based Clarion Partners, a leading real estate investment manager with more than $25 billion in total assets under management across the U.S., Mexico and Brazil, will begin site preparation immediately. The partners plan to break ground on the project’s speculative first phase – two warehouse distribution buildings totalling 438,000 square feet – later this spring. The 318,000 square foot and 120,000 square foot buildings are expected to be available for tenancy by the end of the fourth quarter.
Features of the two buildings planned for Phase I include 30 foot-plus clear heights, ESFR fire protection system capability, abundant natural light, a mix of dock-high and ground level loading, generous concrete truck courts, multiple street access, and trailer storage.
IDS and Clarion Partners plan to offer build-to-suit opportunities on the remaining 45 acres, which could accommodate up to 900,000 square feet of industrial space in one or more buildings. The total project will potentially contain approximately 1.5 million square feet of industrial/commercial space.
“This fully entitled, infill development opportunity is literally at the center of one of the most dynamic industrial markets on the West Coast. We are delighted to be able to move ahead so quickly with the first phase of what promises to truly be a state of the art, multi-user location,” said Dan Sibson, Senior Vice President, IDS Real Estate Group.