OAK BROOK, IL – CenterPoint Properties proudly announces the acquisition of 3518 & 3546 W. Marginal Way SW, Seattle, Washington. The fully leased 170,633 square foot, on-port industrial facility is located on 5.37 acres and offers long-term transportation advantages and potential development opportunities. The facility is currently leased to two tenants; Sea-Pac and Island Tug and Barge. Cameron Fletcher of Cameron Fletcher Real Estate Company facilitated the transaction between CenterPoint and the seller.
“This marks our fifth acquisition in the Seattle/Tacoma market since the first of the year and further proves our commitment to the market. We ultimately intend to replicate CenterPoint’s Chicago ownership in Washington and the momentum from this transaction facilitates our push toward that goal,” remarked Jim Linn Senior Vice President, Investments of CenterPoint.
The strategically located building is one of only a handful of comparable sites in the entire Seattle port-market, which increases the drayage advantages for competitive transportation costs due to multi-modal opportunities for users. The property features multiple barge berths; dual rail service from the Burlington Northern Santa Fe (BNSF) and Union Pacific (UP); proximity to the BNSF and UP intermodals, I-5 and Highway 99; and shares a border with Terminal 5 at the Port of Seattle. This facility is an ideal location for port users who require excellent access to highways and interstates to move goods efficiently.
Property features include 22’-30’ clear, 11 exterior loading docks, 10 drive-in doors, 5 rail-loading doors, 2 barge berths, 16 car parking spaces, a 7,200 SF office space and 3,918 SF of space on the second story.
“CenterPoint is currently focused on investing in port-related and logistically advantaged facilities in the region. We find that our client-base thrives in areas of dense populations, centrally located to the ports of Seattle and Tacoma, that have immediacy to major interstates and highways, and access to a strong labor pool,” said Linn.
About CenterPoint Properties
CenterPoint Properties is focused on the development, acquisition and management of industrial property and transportation infrastructure that enhances business and government supply chain efficiency. The company invests in major coastal and inland port logistics markets anchoring North America’s principal freight lanes. CenterPoint‘s portfolio includes 57.3 million square feet and 4,500 acres under development in the company’s integrated intermodal industrial parks. For more information on CenterPoint Properties, visit www.centerpoint.com or follow @centerpointprop on Twitter.
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