The portfolio, which includes Northwest Corporate Park and the Earlington Building, totals about 1.18 million sf of warehouse, distribution and manufacturing space. It is 99% leased to a variety of regional, national and international companies. Tenants such as IKEA, Boeing and A.O Smith have leased 80% of the space.
Lend Lease Real Estate Investments represented Pacific Northwest Group A, which has held the property since the purchase of the Benaroya portfolio in 1984.
"We decided this was an opportunity to maximize value for our client," says Bill Williams, vice president at Lend Lease Real Estate Investments, Inc. "The Renton Park in particular has been transformed over the last eight years from a facility built for and exclusively leased to The Boeing Co. into a true multi-tenant and multi-functional park. For instance, while it still retains in a portion of the space the credit strength of Boeing, it also includes a very visible and successful IKEA store."
Cushman & Wakefield brokers Reynolds Haas, Tom Abbott and Brad Knowles were selected by Lend Lease for the disposition of the Renton industrial portfolio; the team has handled many Kent Valley industrial portfolio sales, including the Spieker industrial portfolio, the Valley Industrial Park and the Associated Grocers Complex.
"This is a significant transaction in today's market," says Tom Abbott. "It is one of the largest transactions in the Kent market in the last 12 months."
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