EverWest Buys More Industrial Space In Auburn
EverWest Real Estate Partners recently purchased 500K SF of industrial space in Auburn from Gates, Gates, Gates LLC. The property includes three buildings that total 286K SF.
The current tenant, ProAmpac, assigned its purchase option to EverWest in exchange for a 15-year long-term sale-leaseback agreement. The agreement allows ProAmpac to maintain 100% occupancy at the project where it has occupied all three buildings since each was constructed. The construction dates range from 1981 to 2003. The campus is ProAmpac’s main West Coast production and distribution hub.
“In purchasing this campus, we’re walking into a very attractive investment opportunity alongside an extremely stable tenant, in an area where extremely tight vacancy and very strong long-term market fundamentals make this one of the most desirable industrial real estate investment locations in the Northwest,” EverWest Managing Director Ryan Madson said in a statement.
The current Auburn industrial market vacancy rate is about 2%, with very little in the pipeline. This compares to a 3.1% industrial vacancy rate in Seattle and a 5% vacancy rate in the United States.
EverWest owns two additional industrial buildings in the Kent Valley submarket: the West Valley Distribution Center portfolio, which was acquired in 2017, and a new 43K SF industrial building at 7011 South 182nd St. The company continues to seek new investment opportunities in this market.
Madson directed the ProAmpac property acquisition for EverWest. Tony Kusak, Jack Keenan, Mike Sessa and Jason West of Cushman & Wakefield represented ProAmpac and led the sale-leaseback disposition process. Taylor Hoff with NAI Puget Sound Properties represented the previous landlord, Gates, Gates, Gates LLC.
CORRECTION, SEPT. 27, 8:40 A.M. PT: A previous version of this story had the wrong location for the property. The story has been updated.