Two Kent Valley Industrial Properties Change Hands For $22M
The Pacific West Business Center, located at 18852 and 18872 72nd Ave. South in Kent, is a two-building, 60,530 SF campus that is fully leased to nine tenants. In February 1992, Brekke Properties purchased the property for $1.8M, according to public records.
The White River Corporate Park, at 2200-2222 West Valley Highway North, Auburn, is 60,852 SF spread over two buildings. It was built in 2004 and is fully leased to five tenants. Brekke White River LLC purchased the property in 2002 for $950K, according to public records.
“The Kent Valley is desirable because tenants are within good proximity to the city of Seattle and rents are still significantly less compared to south Seattle,” Colliers International Industrial expert Bill Condon told Bisnow.
Condon and fellow Colliers International industrial expert Matt McGregor arranged the transaction.
Colliers’ Q2 Research and Forecast report found that the industrial vacancy rate in Kent Valley was about 5.6% of its 99M SF inventory. So far this year there has been $565.6M worth of industrial property traded, according to the report.
Kent is considered an industrial mecca with its close proximity to freeways and rail. However, the city is looking to change its image by adding pedestrian-friendly features and amenities that will appeal to local employees.