Seattle isn't just about creative new offices and apartments, there's profit to be made, from the right properties, in the industrial sector, Bixby Land Co SVP of investments Mike Severson tell us.
He says there's limited land available and a 5% vacancy rate that's causing demand to outpace supply. The market is also helped by Seattle's being the second-largest port on the West Coast, with a large base of warehouse distribution and manufacturing facilities.
Recently SoCal-based Bixby acquired two newly built Seattle market industrial buildings from Panattoni Development for more than $12M, the 63k SF 14513 32nd St East in Sumner, and the 34k SF 1417 West Valley Highway North in Auburn. Both properties are fully occupied. “This is a new market for us, in which we plan to invest about $30M to $40M more in 2016 in both core industrial and value-add office,” Mike says.
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