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January 12, 2018

Mortenson buys Kent industrial park for $8M

Seattle Daily Journal of Commerce

Brian Miller

Mortenson, a national developer and builder, has purchased an industrial park at 821 Third Ave. S. in Kent for its new equipment and assembly operations.

The company said it will relocate the operations to the property just east of Highway 167, and just south of downtown and Kent Station, in the second quarter. The new facility will replace a smaller operation in Maltby.

Mortenson paid $8 million for the approximately 7.5-acre property, according to King County records. The seller, PCC Industrial Park LLC, acquired it in 2016 for $4.75 million.

The buyer, Seattle Yard LLC, is associated Mortenson, which has local offices in Kirkland.

Montlake Partners represented Mortenson and Kidder Mathews represented the seller.

The park was developed in stages from the 1950s to 1980s and has three buildings with about 62,000 square feet. Tenants include Compass Aerospace Northwest and SeaLect Products. However, public records indicate a termination of the Compass lease.

For the full story, go to Seattle Daily Journal of Commerce.

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