Colliers International arrange transaction for Tukwila and Kent properties
TUKWILA AND KENT – Industrial properties are hot commodities in the surging Puget Sound, WA institutional investment market, and a transaction recently completed by Colliers International personifies the continuing demand for strategically located, quality product. The team of Bill Condon and Matt McGregor represented the seller, a private investor, and procured the buyer, LBA Realty, in the sale of a two-building Kent Valley portfolio for $14.5 million. Included in the portfolio were Andover Park East, located at 720-790 Andover Park East in Tukwila, and the Allied Building at 19130 84th Avenue South in Kent.
The Kent Valley is the Pacific Northwest’s premier industrial market and serves as a central hub between Vancouver, British Columbia and Northern California. The buildings recently sold are positioned between the Ports of Seattle and Tacoma, near SeaTac International Airport, and accessible from Interstates 5 and 405. Built in 1974, Andover Park East is a 72,882-square-foot building on two acres of land near the Southcenter Mall. The property was partially leased to Moe’s Home Collection and Osum Event Rentals at the time of the sale. The Allied Building, completed in 1979, measures 30,000 square feet on 2.01 acres. It was fully leased to Allied Building Products Corporation at the time of the sale.
“Supply truly cannot keep up with investor demand for industrial properties in the Seattle-area market,” commented Mr. McGregor. “The market is saturated by an almost insatiable need for large assets. The Andover and Allied buildings were a highly sought-after investment package in a market that has seen record increases in value over the past 18 months.”
This is the first time Colliers has represented a property for the seller, but the firm has a long-term relationship with the buyer, LBA Realty. Mr. Condon and Mr. McGregor have sold LBA Realty more than 1 million square feet of industrial assets over the past few years.
About Colliers International Group
Colliers International Group Inc. (NASDAQ: CIGI) (TSX: CIGI) is a top tier global real estate services and investment management company operating in 69 countries with a workforce of more than 12,000 professionals. Colliers is the fastest-growing publicly listed global real estate services and investment management company, with 2017 corporate revenues of $2.3 billion ($2.7 billion including affiliates). With an enterprising culture and significant employee ownership and control, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide, and through its investment management services platform, has more than $20 billion of assets under management from the world’s most respected institutional real estate investors.
Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice to accelerate the success of its clients. Colliers has been ranked among the top 100 global outsourcing firms by the International Association of Outsourcing Professionals for 13 consecutive years, more than any other real estate services firm. Colliers is ranked the number one property manager in the world by Commercial Property Executive for two years in a row.
Colliers is led by an experienced leadership team with significant equity ownership and a proven record of delivering more than 20% annualized returns for shareholders, over more than 20 years.
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