Colliers International's Condon-McGregor Team Arranges Transaction for Renton Warehouse Property
RENTON, WA – 3002 Lind Avenue SW, a warehouse building in the sought-after Seattle-area institutional investment market, recently changed hands in a transaction arranged by Colliers International’s Bill Condon and Matt McGregor. LBA Realty LLC purchased the building from Lind Ave, LLC for $11.3 million.
The Renton property sold includes the approximately 81,700-square-foot 3002 Lind Avenue Building and the surrounding 4.06 acres of land. The warehouse offers the new owner significant upside potential in one of the country’s most active industrial markets as nearly two-thirds of it was vacant at the time of sale. Features of the free-standing building include 24’ clear height ceilings and eight dock-high, two grade-level and four rail doors. It offers tenants easy access to Route 167, Interstate 405 and Interstate 5 as well as proximity to SeaTac Airport.
Mr. Condon noted, “3002 Lind Avenue SW was a compelling opportunity in a market where industrial properties have become strategic assets. Institutional organizations, in particular, are increasingly investing in the Seattle area as the demand for “last-mile” and centrally located properties push rents to record levels.”
Mr. McGregor agreed, stating that “the ability of warehousers to ships goods in and out of the nearby Port of Tacoma and Port of Seattle and distribute across the Pacific Northwest has made the Kent Valley a highly competitive industrial market. We received a lot of interest in the 3002 Lind Avenue Building from investors from all over.”
Mr. Condon and Mr. McGregor will act as leasing agents for the property on behalf of the new owner, LBA Realty.
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