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SEATTLE-Three South Seattle industrial properties have traded hands in the past few weeks.

The largest was the $7.1-million sale of Lander Station, a two-building 45,000-sf development at the corner of Occidental Avenue and Lander Street in the SODO area. The seller was Tube Art, for whom the property was built in 1990. Tube Art continues to occupy the 28,000-sf warehouse on the property, with eight years remaining on a 10-year lease. The remaining 17,000-sf office/flex building is leased to Starbucks and the Service Employees Union. The buyer was the Charles & Emma Frye Museum, a non-profit trust.

The second largest of the transactions was the $2.1-million sale of the 38,000-sf J.H. Carr manufacturing building on South Horton Street in the Georgetown area. The buyer was Messenger Sign Corp., which has outgrown its current 10,000-sf location off Mercer Street in the South Lake Union area. The seller was J.H. Carr, which is leasing back the facility for about six months until they are able to move into their new facility in Kent. Messenger will occupy approximately 20,000 sf of the facility and will lease the remainder to other tenants.

The third transaction involved an 8,000-sf owner/user building also in Georgetown. The property was purchased by Specialty Bottle, who is moving from a leased space in the SODO area due to rapid growth. The sale price of the property was $695,000. The building, which was sold by a “small private investor,” had been recently vacated by the Seattle School District, which leased the building.

CB Richard Ellis brokers Bob Swain and Bryan Hester had a hand in each of the deals. “Although the economy is still sluggish, there are companies out there who are growing … ,” says Swain. “The continuation of low interest rates presents great opportunities for both buyers and sellers in this market.”

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