RENTON, WA-A partnership of Somera Capital and Zelman Development has sold the 593,000-sf Oakesdale Business Park here to Iowa-based pension fund adviser Principal Global Investors for $55.9 million. The four-building warehouse and distribution complex sits on 34 acres and is 100% leased to four tenants.
Oakesdale Business Park is located at 4001, 4051 and 4101 Oakesdale Ave. SW, and 1600 SW 43rd St. The sellers, who also were the developers, acquired the site in 1999. The JV was the first private party to successfully navigate the clean-up process in the state of Washington under new legislation providing a process of pre-approval of environmental remediation.
Somera Capital, based in Santa Barbara, CA, manages a portfolio of private equity investments in commercial real estate. Zelman Development is a privately held retail and industrial developer headquartered in Los Angeles.
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