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December 05, 2014

Seattle-area buying binge continues for industrial property investor

Puget Sound Business Journal

Marc Stiles

CenterPoint Properties has acquired two more industrial properties in the greater Seattle area, paying a total of $48.3 million for the assets near Port of Seattle facilities, according to public records.

Over the last 12 months, Oak Brook, Ill.-based CenterPoint has invested in half a dozen Puget Sound-area properties totaling nearly 1 million square feet, according to the company. CenterPoint Senior Vice President Jim Linn said the company wants to grow its presence in the Seattle port market by more than 1 million square feet annually.

CenterPoint recently paid $31.9 million for a nearly 24.5-acre container/storage yard with a nearly 232,000-square-foot industrial building at 8801 E. Marginal Way S., in Tukwila. The property, which is near the Museum of Flight, is fully leased to a tenant that CenterPoint didn't name. An online search shows that a company called Insurance Auto Auctions Inc. operates at the address. Public records list the seller as a limited liability company whose manager is Washington Real Estate Holdings of Seattle. Washington Holdings bought the property 10 years ago from Paccar for $11 million, according to public documents.

The second property that CenterPoint bought recently is in Seattle at 3480 West Marginal Way S.W., along the Duwamish West Waterway near Harbor Island. The purchase price for the 157,150-square-foot "multi-modal trans-load facility" on nearly seven acres was $16.4 million, public records show. CenterPoint said the property is fully leased but did not name the tenant. An online search shows that a company called Pacific Terminals operates a facility at this address. Pacific Terminals' website says the facility has a berth for a barge as well as rail service.

Records list the seller as First Industrial of Chicago and show that the company had bought the facility for nearly $5.9 million four years ago.

Commercial real estate broker Jeff Jagosh of Site Selection NW represented CenterPoint in acquiring the Seattle property, and Patricia Loveall and Kraig Heeter of Kidder Mathews represented CenterPoint in buying the Tukwila property.

CenterPoint's North American portfolio includes 45.5 million square feet of and 6,000 acres under development in "integrated intermodal industrial parks."

For the full story, go to Puget Sound Business Journal.

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