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December 04, 2014

CenterPoint Properties acquires two facilities totaling over 400,000 SF at Port of Seattle

American Journal of Transportation

enterPoint Properties has announced the acquisition of over 400,000 SF and 31 acres across two properties at the Port of Seattle. Jeff Jagosh of Site Selection NW represented CenterPoint in the acquisition of 3480 W. Marginal Way SW, Seattle, Washington. Patricia Loveall and Kraig Heeter of Kidder Matthews represented CenterPoint in the 8801 E. Marginal Way S. Tukwila, Washington transaction.

The 3480 W. Marginal Way SW, Seattle, Washington property consists of a 157,151 square foot multi-modal transload facility on 6.9 acres, which is fully leased. The property's strategic location, bordering the Port of Seattle and across the waterway from Harbor Island Terminal 18, coupled with multiple drayage options of barge, on-site rail, intermodal and truck, provides significant transportation savings and maximizes truck turns.

Facility features include a 7,858 SF office, 24' clear, 10 loading doors, 9 drive-in doors, 8 rail doors, 3 barge berths, dual rail service provided by Burlington Northern Santa Fe and Union Pacific - within two miles of BNSF and UP intermodals.

The 8801 E. Marginal Way S. Tukwila, Washington property features a fully leased and improved 24.38-acre container/storage yard with a 231,980 SF industrial building. The property's strategic location with excellent access to the Port of Seattle, the Burlington Northern Santa Fe Tukwila and Union Pacific Port of Seattle intermodals, and the Seattle Central Business District provides superior supply chain connectivity for the tenant.

Facility features include a 27,940 SF two-story office building and a 230,000 SF industrial building on-site, 45 loading doors and the ability for a future barge mooring dock, which would further increase the functionality of the property.

"The acquisitions are an opportunity for CenterPoint to expand on our investment in port-related and logistically advantaged properties in the Puget Sound market," said Jim Linn, senior vice president, investments, of CenterPoint Properties. "With continued efforts to grow our presence in the Seattle-port market by over one million square feet each year, acquisitions like these are essential to meeting and surpassing these aggressive goals."

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