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KENT, WA-A client of American Realty Advisors of Glendale, CA has acquired 212th Business Park, a 961,013-sf industrial warehouse property that is 85% leased. The sale price was $57.4 million or $59.73 per sf. The seller was Value Enhancement Fund, which is managed by Apollo Real Estate Advisors.

The property sits at the intersection of 212th Street and East Valley Highway (84th Avenue) and was developed in the 1970s. Local sources tell GlobeSt.com Boeing occupies half of the space (four buildings) at below market rates and the total number of tenants in the park is less than 10.

The park’s buildings break down into two 80,000-sf buildings fronting the two roadways and six 120,000-sf buildings in the park interior. Boeing’s leasehold includes one of the frontage buildings and three of the interior buildings. The acquisition includes a three-acre parcel that Boeing leases as yard space that one day could be recaptured for additional development.

One of the leasing brokers for the park, Nick Cassino of Trammell Crow Co., tells GlobeSt.com that about 150,000 sf is directly available, including one 70,000-sf space, one 60,000-sf space and one 20,000-sf space. Another 30,000 sf is available as a sublease. The direct asking rate is $0.33 to $0.35 on the shell and another $0.70 for office build out, he says.

Trammell Crow’s most recent South-End industrial market report shows a vacancy rate of around 7%; however, it is probably at or below 5%. “There’s not much space north of [Highway] 212,” he says. “Concessions are starting to diminish and rates are starting to climb.”An American Realty executive could not be reached Monday for further comment.

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