X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the industrial market, click here.)

KENT, WA-Lowe Enterprises of Los Angeles has sold Springbrook 188, a four-building 365,040-sf industrial park here, to LBA Realty of Irvine, CA. The sale price was $22 million, or $60.26 per sf.

The park is located at South 188th Street and 80th Avenue. The buildings are designed to serve a variety of users. The main warehouse is 260,842 sf with 22-foot dock-high doors. The annex warehouse is 36,070 sf with rail access. The freezer/cooler building is 47,040 sf. The truck maintenance building is 3,752 sf.

Lowe acquired the asset in 2001 as an unstabilized asset for $12.5 million. Lowe then implemented a capital improvement and leasing program. The property is now fully leased to a variety of companies, including Starbucks.

In explaining the acquisition, LBA principal Bill Kearns says the property has a great location, good functionality and a high-quality tenant roster. “The Kent Valley is one of the most established and desirable industrial markets in the Pacific Northwest,” he says. “Moreover, the property has good access to both the I-5 and I-405 and Route 167.”LBA owns and operates office and industrial properties on behalf of its institutional investment funds. The company currently manages a $1-billion portfolio that includes 11 million sf of industrial and commercial office space throughout the western US.

Lowe, through its investment advisory affiliate, the firm currently manages in excess of $2 billion in real estate assets on behalf of institutional clients. Reynolds Hass of Colliers International and Tony Kusak of Cushman & Wakefield had the disposition assignment.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.