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April 25, 2017

SoDo warehouse sells for $6M

Seattle Daily Journal of Commerce

Seattle - A warehouse property at 25 S. Hanford St. has sold for $5.94 million, according to King County records. The seller was Park East Building Inc., which acquired the property in 2008 for $4.1 million.

The buyer was Terreno Hanford LLC, which is associated with Terreno Realty Co. of San Francisco.

Publicly traded Terreno has been an active local buyer of warehouse, distribution and industrial properties. In February it paid $7.8 million for a similar property in Georgetown. The company owns and operates 12.1 million square feet in six coastal markets, with a focus on infill investment.

The Hanford property has 1.06 acres that were developed in 1952 with a 35,400-square-foot warehouse.

Kidder Mathews' first quarter report estimates that the industrial vacancy rate is 3.02 percent for the region and 1.46 percent for Seattle, and said, "Demand for sale properties continues to remain high with a very limited supply."

The Hanford deal was worth about $168 per square foot. Brokers weren't announced.

© 2017 Seattle Daily Journal of Commerce. All rights reserved.

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