Colliers International arranges sale to 1031 exchange purchaser
SEATAC – Olympic Industrial Park, a two-building, 94,739-square-foot industrial complex just outside downtown Seattle in SeaTac, WA, recently sold for $12.95 million. Wells Fargo Wealth Management purchased the property from Avenue 55 for an undisclosed 1031 exchange buyer. Colliers International’s Scott Alan and Patrick Mullin represented the seller in the transaction.
Located at 19111 Des Moines Memorial Drive and 1200 S. 192nd Street, the buildings were a significant offering in one of the country’s most active industrial markets. They are centrally located between the Port of Seattle and Port of Tacoma, immediately adjacent to SeaTac International Airport and easily accessible from Interstates 5 and 405 and Routes 147 and 509. 19111 Des Moines Memorial Drive is a warehouse property fully leased to Alaska Airlines/Horizon Air, Seattle Air Cargo, BlueStar Refreshment Services, and other tenants at the time of the sale. Built in 1983 and renovated following Avenue 55’s acquisition in 2015, the building measures 75,588 square feet and features 26 loading dock doors, seven grade levels, and 20’ clear height ceilings. The second building, 1200 S. 192nd Street, is a 20,548-square-foot, three-story, office property built in 1983, renovated in 2015 and leased to the International Rescue Committee, Carmichael International Service, Argent Express Group, Sea & Air Transport, and several other tenants at the time of the sale.
According to Mr. Alan and Mr. Mullin, “The sale of Olympic Industrial Park was the final initiative in a successful repositioning of the buildings over the past three years by both ownership and the Colliers team. Avenue 55 purchased the property in 2015 for just short of $6.4 million and immediately implemented a capital improvement plan that updated the complex for today’s office and industrial users. We then stabilized the assets by increasing occupancy of the office building from 75 percent to 92 percent and the warehouse from 50 percent to 100 percent, which allowed for the achievement of optimal pricing for the buildings in the most recent sale.”
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.
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