LaSalle Investment Buys $120M Puget Sound Industrial Asset – What is a Ground Lease?

, LaSalle Investment Buys $120M Puget Sound Industrial Asset – What is a Ground Lease?, Robert Khodadadian

Valley Distribution Center

LaSalle Investment Management has acquired Valley Distribution Center, a 473,000-square-foot industrial facility in Renton, Wash., for $120 million, according to King County public records.

The seller, Clarion Partners, was represented in the transaction by CBRE, according to the Puget Sound Business Journal.

In 2017, Clarion Partners purchased the property for $67 million, CommercialEdge data shows.

Located at 300 S.W. 27th St., Valley Distribution Center is a one-story concrete cross-dock building equipped with ESFR sprinklers, climate control systems, 386 parking spots and an additional two-level office build-out space, CommercialEdge data shows. The property’s tenants include Graybar Northwest Service Center, packaging and distribution company Sealed Air and a Coca Cola bottler, the same data provider shows.

Situated on a 22-acre lot, the industrial asset is close to Interstates 5 and 405, within 3.8 miles from Seattle-Tacoma International Airport, 14 miles from downtown Seattle and 15 miles of downtown Bellevue. Wash. CBRE’s team led by Vice Chairman Brett Hartzell and Executive Vice President Paige Morgan worked on behalf of Clarion Partners.

In September, LaSalle Investment Management also purchased a Class A life science asset in San Diego, fully occupied by Vertex. Last year, the company sold one of its Seattle industrial assets, a 315,392-square-foot industrial park for $72.6 million.

The post LaSalle Investment Buys $120M Puget Sound Industrial Asset appeared first on Commercial Property Executive.

 Featured, Industrial, Investment, News, Seattle, West, CBRE, Clarion Partners, LaSalle Investment Management 

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