CenterPoint Snares Rare Last-Mile Facility in Highly Rated Seattle Submarket
Posted By Staff Writers On November 25, 2020 @ 11:57 am
OAK BROOK, IL – CenterPoint is continuing its busy investment activity of late in Seattle-area port-proximate industrial properties with the acquisition of 1701 Pike Street in Auburn, WA. The low-coverage, modern cross-dock is the only one of its kind under 150K SF in the Kent Valley area. It will be available for lease after a full repositioning, including an office refresh.
The 126,000 SF, 7.04-acre Pike Street site is about 15 miles from Seattle-Tacoma International Airport and the Port of Tacoma in the heart of the closest submarket to the Ports Network. It’s located at the full 15th Street interchange onto SR-167, and it’s just a mile-and-a-half from SR-18. The highly rated and amenitized submarket is the prototypical location CenterPoint has aggressively focused on as part of its national port investment strategy.
“The cross-dock configuration is the embodiment of our throughput strategy,” said Ryan Dunlap, CenterPoint Senior Vice President of Investments. “Combining the prototype with an Auburn zip code will translate to outsized, long-term appreciation,” Dunlap finished.
The full-circulation property has a 26′ clear-height, 20 dock-high loading positions and three points of access. CenterPoint is confident these features will help to make it a highly desirable commodity.
“This ‘workhorse’ is built for speed. As soon as the CenterPoint construction team completes the repositioning, this transload will be the belle of the ball,” said Greg Pearson, CenterPoint Vice President of Investments.
The building has a short-term lease expiring in December 2021. Tony Miltenberger and Matt Wood of KBC Advisors and Matt Murray of Kidder Mathews brokered the transaction and will market the property as available for lease immediately.
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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.