TA Realty recently acquired two industrial parks in southern King County for approximately $22 million.
Under the deal, arranged by Colliers International industrial experts Bill Condon and Matt McGregor, a local Puget Sound private investor family sold Pacific West Business Center in Kent and White River Corporate Park in Auburn to the real estate investment management firm.
The two properties encompass four buildings on 6.3 acres of land. Built in 1979, Pacific West Business Center totals 60,530 square feet on a 3.3-acre campus. It is leased to nine tenants. White River Corporate Park measures approximately 60,852 square feet of warehouse space in two buildings. Built in 2004, it is leased to five tenants.
“The Kent Valley is one of the strongest industrial markets in the country, due primarily to its location near the Ports of Seattle and Tacoma, Sea-Tac International Airport, and rail connections,” stated Condon. “Available existing product is limited, however, as are developable land sites, so these properties drew a lot of interest from investors looking to place funds in an environment of robust tenant demand and rising rents.”