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FIFE, WA-The 1.5-million-sf Trans-Pacific Industrial Park in Fife has been acquired by San Francisco-based AMB Property Corp. for $75.5 million. The multi tenanted manufacturing, distribution and retail facility has 11 buildings and was 8% vacant at the time of sale. It is the biggest industrial transaction of the year in the Puget Sound, according to CB Richard Ellis, which brokered the deal.

The transaction was negotiated by CBRE brokers Brett Hartzell and Tom Posey locally, in conjunction with Mike Caprile of CBRE’s Chicago office. CBRE handled both the property management and leasing of Trans-Pacific Industrial Park prior to the sale and will continue these responsibilities under the new ownership. Hartzell says occupancy in the park jumped from 84% to 92% over the past 10 months.

The seller was not released by the parties involved and was not otherwise immediately available. The property was listed on the Web site of Schuler Properties, a Tacoma-based firm, but that site also listed Colliers International as the leasing agent, which is apparently old information.

Trans-Pacific Industrial Park is AMB’s largest single holding in the Puget Sound region by nearly 500,000 sf. With the acquisition, AMB increases its overall holdings in the region to 58 buildings in 14 developments comprising more than 6.3 million sf. About one-third of its Puget Sound portfolio (on a square footage basis) is located in Kent, WA.

As of June 30, 2003, publicly traded AMB owned, managed and had renovation and development projects totaling 96.5 million sf in 30 markets across the United States.

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