SEATTLE-Columbia Pacific Advisors has sold two warehouse/distribution properties totaling 473,838 square feet in Sumner and Everett, WA. Matt McGregor, senior vice president of the industrial group and Bill Condon, executive vice president, managing director and leader of the Grubb & Ellis Co.’s industrial agency group, represented both parties in the sale.
Although Grubb & Ellis could not reveal the buyer’s identity or the price, an unidentified source not involved in the deal confirms to GlobeSt.com that the properties shed for $41 million.
“These are class-A properties occupied by credit tenants with long-term leases in place,” says McGregor. “They are also well-located near the Ports of Seattle and Tacoma, within highly sought after submarkets for industrial space in the Puget Sound.”
The sale included 4501 W. Valley Highway E., Sumner, and 6617 Associated Blvd., Everett, which were each constructed in 2007 with 30-foot clear heights and include ESFR sprinkler systems. The first property, 4501 W. Valley Highway E., is a 256,148-square-foot building that was 70% leased at the time of sale to Service Paper Co. The building is situated on 11.8 acres of land with direct access to State Route 167. Additionally, 6617 Associated Blvd. is a 217,700-square-foot building situated on 11.5 acres of land near State Route 526. The property was 100% leased at the time of sale to Precor Inc., the anchor tenant, and PODS.
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