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CenterPoint Sells Seattle-Area Industrial Building for $27M

7 months ago

The property previously traded for $18.9 million. The post CenterPoint Sells Seattle-Area Industrial Building for $27M appeared first on Commercial Property Executive.

CenterPoint Properties has sold Pike Distribution Center, a 108,000-square-foot industrial building in Auburn, Wash., for $26.6 million. KRL Legacy LLC, an entity affiliated with ACE Relocation System Inc., purchased the asset in a transaction brokered by Kidder Mathews.

Pike Distribution Center occupies a 7-acre site. Image courtesy of Kidder Mathews

CenterPoint had acquired the property back in 2020 from Parts Plus for $18.9 million, according to CommercialEdge data.

Completed in 1987, Pike Distribution Center features 25-foot clear-heights, 23 exterior docks, three drive-in doors, fenced trailer parking and approximately 70 parking spaces. KRL Legacy will operate part of the property.

Located at 1701 Pike St. NW, in the Kent Valley industrial hub, Pike Distribution Center is near the major confluences of Interstate 5, State Route 167 and Highway 18, which allow easy access to the Seattle metropolitan area. The property is also near the Port of Tacoma and SeaTac Airport.

Executive Vice Presidents Kraig Heeter and Mike Newton worked on behalf of the buyer, while the seller was represented by Kidder Mathews Executive Vice President Matt Murray along with KBC Advisors Partner Matt Wood.

Seattle recorded $201 million transaction sales in the first quarter of 2024, according to a recent CommercialEdge report. The metro also registered double-digit lease rates, at $11.13 per square foot.

The post CenterPoint Sells Seattle-Area Industrial Building for $27M appeared first on Commercial Property Executive.