CenterPoint acquires new facility in Kent, Washington. The acquisition of the distribution facility at 19826 Russell Road in Kent, Washington continues CenterPoint’s momentum in Seattle. The asset is located in the Kent Valley, at the epicenter of Seattle’s industrial market.
The 240,106 square foot facility covers just 31% of the 17.58-acre property. The building also has undeveloped land behind it, providing future development flexibility. Additionally, there is an opportunity to expand the on-site parking. CenterPoint has a track record of acquiring low-coverage facilities that can consistently accommodate an above-market parking requirement.
The shallow-bay facility has 24’-32’ clear heights, 88 dock-high doors. It also has 176 auto stalls. With immediate access to the I-5, the site is just 14 miles from the Port of Seattle, 20 miles from the Port of Tacoma, and is less than 10 miles from King County Airport and Seattle-Tacoma International Airport.
“The North Kent Valley is the proverbial bellwether for the Puget Sound industrial market,” says Ryan Dunlap, Senior Vice President of Investments. “The combination of infrastructure, planning and proximity have positioned the market as a premier West Coast location.”
The industrial real estate outlook in Kent continues to be healthy, given its standing as one of the nation’s largest manufacturing and distribution hubs. The submarket has proximity to many aerospace and e-commerce companies. It is also strategically located near two ports, airports and rail services. Industrial supply and land constraints continue to drive high demand from industrial users.
“The asset exemplifies our unwavering focus on high-throughput logistic buildings,” said Greg Pearson, CenterPoint Vice President of Investments.
Jason DeWitt of JLL brokered the long-term sale-leaseback with the seller, a global leader in storage and information management services.
About CenterPoint Properties
CenterPoint is an industrial real estate company. With dedicated thinkers, innovators and as well as leaders, they have the creativity and know-how to tackle the industry’s toughest challenges. As a result, it is those kinds of problems—the delicate, the complex, the seemingly-impossible—that they relish in most. Because with an agile team, substantial access to capital and industry-leading expertise, those are exactly the kinds of problems they are built to solve.
