Industrial Properties Become Strategic Assets
Institutional organizations, in particular, are increasingly investing in the Seattle area as the demand for last mile and centrally located properties pushes rents to record levels, such as the recently sold 3002 Lind Ave. SW.
RENTON, WA—3002 Lind Avenue SW, a warehouse building in the sought-after Seattle metro institutional investment market, recently changed hands. LBA Realty LLC purchased the building from Lind Ave LLC for $11.3 million.
The Renton property includes the approximately 81,700-square-foot 3002 Lind Avenue Building and the surrounding 4.06 acres. The warehouse offers the new owner significant upside potential in one of the country’s most active industrial markets. Nearly two-thirds of the site was vacant at the time of sale.
The transaction was arranged by Colliers International’s Bill Condon and Matt McGregor, who will act as leasing agents for the property on behalf of the new owner, LBA Realty.
“3002 Lind Avenue SW was a compelling opportunity in a market where industrial properties have become strategic assets,” Condon notes. “Institutional organizations, in particular, are increasingly investing in the Seattle area as the demand for last mile and centrally located properties pushes rents to record levels.”
Features of the freestanding building include 24-foot clear height ceilings as well as eight dock-high, two grade-level and four rail doors. It offers access to Route 167, Interstate 405 and Interstate 5 as well as proximity to SeaTac Airport.
“The ability of warehousers to ships goods in and out of the nearby Port of Tacoma and Port of Seattle and distribute across the Pacific Northwest has made the Kent Valley a highly competitive industrial market,” agrees McGregor. “We received a lot of interest in the 3002 Lind Avenue Building from investors from all over.”