Kidder Mathews to Manage 1 MSF Industrial Portfolio
Cabot Properties owns the eight-property collection.
International private equity firm Cabot Properties has selected Kidder Mathews Asset Services to manage an industrial portfolio of eight properties totaling 984,218 square feet in the Greater Seattle area.
The portfolio is a key assignment for Kidder Mathews because of its quality assets and scale and the fact that large portfolios in the 1 million-square-foot range rarely come to market for third-party management. The selection of Kidder Mathews expands the commercial real estate firm’s footprint in the market and its reputation for managing high-profile properties in the Western U.S. like Starbucks’ Seattle headquarters.
According to a company statement, Kidder Mathews has built a strong relationship with Boston-based Cabot Properties through its brokerage division. Extending the collaboration into property management highlights the synergy between the firm’s divisions.
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Kidder Mathews Senior Vice President & Market Leader Shelley Ryan will oversee the portfolio with Senior Property Manager Lorna Faxon.
The properties in the portfolio are:
- 4156 B Place NW, Auburn, Wash., 17,630 square feet;
- 875 A St. Auburn, 31,210 square feet;
- 25811 74th Ave. S., Kent, Wash., 32,064 square feet;
- 4620 B St. NW, Auburn, 65,555 square feet;
- 2606 16th St. NW, Puyallup, Wash., 170,592 square feet;
- 4417 192nd E., Tacoma, Wash., 281,181 square feet;
- 3941 and 3703 I St., Auburn, Wash., 385,986 square feet.
More management roles
Kidder Mathews Asset Services had its highest revenue to date in the last year and now manages more than 57 million square feet of space across 800 assets. In July, Lift Partners appointed Kidder Mathews to manage 530,384 square feet of property in Northern California. Kidder Mathews now manages about 1.2 million square feet of industrial space for the San Francisco-based company. That assignment added four assets in San Francisco and one each in Menlo Park, Calif., Mountain View, Calif., and Burlingame, Calif.
Logistics-focused fund
The management deal comes nearly a year after Cabot closed Value Fund VII with a total of $1.57 billion in equity commitments. The vehicle, including leverage, is being used to acquire, develop and redevelop $3.5 billion of logistics assets in the U.S., Europe and Asia Pacific, with most of the capital being deployed in the U.S.
Fund VII focuses on acquiring, developing and redeveloping high-quality infill industrial assets in dynamic supply-constrained markets across top logistics markets. The fund will target investments mainly in multi-tenant buildings between 50,000 and 250,000 square feet. When the fund closed in February, it had already closed or committed $1.2 billion of capital across 30 markets, including Seattle, Chicago, Atlanta, Amsterdam and Sydney.
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