(To read more on the industrial market, click here.)

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RENTON, WA-A partnership of Somera Capital and ZelmanDevelopment has sold the 593,000-sf Oakesdale Business Park here toIowa-based pension fund adviser Principal Global Investors for$55.9 million. The four-building warehouse and distribution complexsits on 34 acres and is 100% leased to four tenants.

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Oakesdale Business Park is located at 4001, 4051 and 4101Oakesdale Ave. SW, and 1600 SW 43rd St. The sellers, who also werethe developers, acquired the site in 1999. The JV was the firstprivate party to successfully navigate the clean-up process in thestate of Washington under new legislation providing a process ofpre-approval of environmental remediation.

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Somera Capital, based in Santa Barbara, CA, manages a portfolioof private equity investments in commercial real estate. ZelmanDevelopment is a privately held retail and industrial developerheadquartered in Los Angeles.

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