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April 13, 2015

Uwajimaya's corporate HQ sold as part of $63M sale

Puget Sound Business Journal

Marc Stiles

A 13.5-acre industrial property in South Seattle where Uwajimaya and ski-maker K2 are located has traded hands for $63.25 million, according to public records.

Prologis, a global company that's based in San Francisco, bought the property between 4101 and 4601 Sixth Ave. S. That's just east of Costco's first-ever store.

Currently on the property is a nearly 324,000-square-foot warehouse where, according to an online search, K2 Sports operates. Included in the sale is a smaller warehouse that houses a distribution center and the corporate headquarters of Asian grocer Uwajimaya. A parking lot at 4101 Sixth Ave. S. also was sold to Prologis (NYSE: PLD).

Uwajimaya Vice President Ken Louie said his company's lease runs for another eight years, and that Uwajimaya has an option to extend the lease for another 10 years.

Warehouse space in South Seattle is a hot commodity among investors and tenants. Only 2 percent of the industrial space is vacant, according to a new report by commercial real estate company Kidder Mathews. Kidder also reported there's strong demand among investors who want to buy but a very limited supply of property for sale.

Prologis officials were not immediately available. At the end of last year, the company had $52.8 billion in total assets under management.

Records list the seller of the property as ADCo Properties Inc., of Seattle.

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

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