CenterPoint Adds Another Low-Coverage Facility to Burgeoning Seattle Portfolio
Posted By Staff Writers On December 18, 2020 @ 2:02 pm
OAK BROOK, IL – CenterPoint Properties is pleased to announce it has acquired a 57,893 SF, 5-acre property at 7215 S. 228th St. in Kent, WA. The Company has closed on five Seattle-area transactions in recent weeks and now has invested more than $650 million in one of the top industrial markets in the U.S.
Even amidst a challenging economy in 2020, the region’s affluent consumer base is fueling a competitive environment for high-throughput warehousing among e-commerce and logistics companies. CenterPoint is eager to add properties like 7215 S. 228th – with a 27% coverage and an outsized yard – to satisfy the relentless user demand for parking and outdoor storage.
“The low coverage of this asset combined with its advantageous configuration gives us long-term flexibility across a wide array of various users,” said Evan Lippow, CenterPoint Vice President of Investments. “It’s extremely difficult to replicate the entitlements of this property, particularly in infill submarkets like the Kent Valley,” Lippow added.
The asset comes equipped with a 20’ clear-height, two dock-high doors and 27 grade-level doors. The facility offers immediate access to the I-5 freeway and puts tenants just 10 miles from Seattle-Tacoma Airport and 20 miles from the Port of Seattle. The property is a block from 7650 S. 228th Street, a 295K SF warehouse facility CenterPoint purchased in 2018.
“The North Kent Valley is a boon for users that want proximity to both the Ports of Seattle and Tacoma and easy distribution access to the entire Seattle area,” said Bob Andrews, CenterPoint Senior Vice President of Asset Management.
Thad Mallory of Newmark Knight Frank brokered this off-market transaction.
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About CenterPoint Properties
CenterPoint is an industrial real estate company made up of dedicated thinkers, innovators and leaders with the creativity and know-how to tackle the industry’s toughest challenges. And it’s those kinds of problems—the delicate, the complex, the seemingly-impossible—that we relish most. Because with an agile team, substantial access to capital and industry-leading expertise, those are exactly the kinds of problems we’re built to solve. For more information on CenterPoint Properties, visit centerpoint.com, follow @CenterPointProp on Twitter or engage with us on LinkedIn.