KENT, WA-KTR Capital Partners says an affiliate has closed on the acquisition of Northwest Corporate Park a 19-building, 125-acre campus located in Kent.

The 2.7 million square-foot park features a wide range of building sizes and functional attributes, including  dock-high and grade-level loading, 22'-30' clear heights, excellent access and freeway visibility, as well as ample car parking and active BNSF rail service.  The project is currently 80% leased.    

“This was a rare opportunity to acquire a well-established business park in the heart of the highly desirable Kent Valley submarket,” commented Phil Prassas, SVP of Investments for KTR.  “We are buying the park at an attractive basis below replacement cost, which affords us the opportunity to rebrand and reposition the project through significant cosmetic and structural improvements that will be completed immediately.” 

“This acquisition fits well with our strategy to invest in high barrier-to-entry markets where we can employ a hands-on ownership approach to re-stabilize high quality, functional assets,” added John DiCola, partner for KTR. “The acquisition of Northwest Corporate Park immediately places KTR among the largest landlords in Seattle and we hope to capitalize on the momentum from this transaction as we continue to look for more value-add investment opportunities in the Pacific Northwest.”  

This was KTR's third Seattle acquisition adding to an overall footprint of nearly 14 million square feet on the West Coast and approximately 53 million square feet nationally. 

KTR Capital Partners is a real estate private equity fund manager and operating company specializing in the industrial property sector.  Headquartered in New York City with offices in Philadelphia, Chicago, Miami, Las Vegas and Los Angeles, KTR manages a series of discretionary value-add investment funds that target opportunities throughout major markets in North America.