Seattle Business Center

The ability to act quickly enables us to acquire a critical mass of functional product in a very good infill location of a high barrier to entry market.

Seattle Business Center is a 19 building, 2.8 million SF portfolio located in the heart of the Kent Valley. The Kent Valley is a 100 million SF infill submarket that exhibits steady demand and offers little opportunity for new development. Built in two phases (in the 1960’s and 1980’s), the park offers a mix of product from 30-foot clear height, bulk distribution to small, shallow bay units. With tenants ranging in size from 4,500 SF to 229,500 SF, it was approximately 80% occupied at acquisition, but in need of substantial capital investment.

After an unsuccessful marketing process on behalf of the seller a year earlier, we submitted a revised offer with an accelerated due diligence timeframe and were able to consummate a deal based on our track record of performance and ability to close quickly. An acquisition of this size provides immediate scale in a market where the average industrial investment sale is below $10 million and immediately catapults us into the top five largest industrial landlords in Seattle.

Today, following a significant capital reinvestment program and asser repositioning, Seattle Business Center is now over 90% occupied.