CenterPoint Nabs 295 KSF Distribution Center in WA
Sears, Roebuck and Co., had owned the property since 1991. The asset is located within proximity of both Port of Tacoma and Port of Seattle.
By Beata Lorincz
7650 S. 228th St.
CenterPoint Properties has purchased a 294,912-square-foot distribution center in Kent, Wash. According to public records, former owner and operator Sears, Roebuck and Co. purchased the asset in 1991.
The property is located at 7650 S. 228th St., near Route 167 and roughly 20 miles from downtown Seattle. The proximity to both Port of Tacoma and Port of Seattle allows for four daily trips.
Constructed in 1981, the building provides 78 fully equipped exterior docks. The asset includes 30-foot clear heights and 137 parking spaces.
“The combination of a 1-per-3,553-square-feet dock ratio and a 1.8 stalls-per-door ratio positions the asset at the crossroads of e-commerce and port logistics,” said Ryan Dunlap, senior vice president of Investments at CenterPoint, in prepared remarks.
Kidder Mathews Senior Vice President Thad Mallory represented both buyer and seller in the off-market deal. In a recent transaction, CenterPoint acquired two other Seattle-area industrial properties totaling 342,000 square feet. Both assets are 100 percent leased.
Image via Google Maps
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