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EverWest Real Estate Advisors Acquires Two Kent Industrial Properties

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Colliers International Connects Buyer and Sellers in Transactions Valued at $12.8 Million

Investor interest in industrial properties in Washington State’s Kent Valley continues to be high due to ongoing confidence in strong tenant activity in the near future. Recently, Colliers International’s Matt McGregor, Bill Condon and Jack Murphy arranged the sale of two buildings in Kent, WA for an aggregate $12.8 million. EverWest Real Estate Investors acquired 25329 74th Avenue S and 5858 S 194th Street from Gregory Real Estate Four, LLC and Industrial Property Group, LLC, respectively.

“Buildings in Kent remain in high demand because of great tenant velocity, minimum remaining land sites, and strong market fundamentals,” noted Mr. Condon. “Kent has seen notable rent growth over the past five years, and we expect that to continue. These sales worked well for the buyer and sellers.”

Measuring 24,175 square feet on 1.34 acres, 25329 74th Avenue S sold for $4.6 million. The building was fully leased to one tenant at the time of sale. Excellent exposure to Route 167, 24’ clear height ceilings, four dock-high and three grade-level doors, and 800 amps of 480-volt power are among the property’s features.

5858 S 194th Street, also known as the Automatic Products Building, sold for $8.2 million. Completed in 2008, the 46,742-square-foot, two-story building was leased to a single tenant at the time of sale. It offers easy access to Route 167 and Interstate 5, 24’ clear height ceilings, three dock-high doors and six grade-level doors.
 

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 About Colliers International

Colliers International (NASDAQ, TSX: CIGI) is a leading global real estate services and investment management company. With operations in 68 countries, our 14,000 enterprising people work collaboratively to provide expert advice and services to maximize the value of property for real estate occupiers, owners and investors. For more than 20 years, our experienced leadership team, owning more than 40% of our equity, have delivered industry-leading investment returns for shareholders. In 2018, corporate revenues were $2.8 billion ($3.3 billion including affiliates), with more than $26 billion of assets under management. Learn more about how we accelerate success at corporate.colliers.com, Twitter @Colliers or LinkedIn. To see the latest news on Colliers International in the Puget Sound Region, follow @CI_PugetSound on Twitter or check out the website at www.colliers.com/seattle.

For further information, please contact:

Mary Ryan, Marketing & Research Director
Colliers International
Phone: 206 223 1438
Email: mary.ryan@colliers.com


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Bill Condon

Executive Vice President

Seattle

Bill Condon serves as an industrial specialist focused on representing tenants across the United States and abroad, in addition to overseeing Colliers’ Seattle office. His focus on representing corporate clients in multiple markets has allowed him to develop a high-level corporate real estate strategy for his clients that is unparalleled in the market.

Bill has experience negotiating a variety of complex real estate transactions including warehousing, corporate headquarters, manufacturing plants, and national distribution and logistics facilities. His passion for his clients and his work, along with his attention to detail and unique talent for continually creating value for his clients, has been key to his ability to lead the market in large transactions. Bill’s extensive market knowledge and commitment to achieve and exceed objectives make him invaluable to his clients and his ability to routinely “over-service” them is one of the reasons he continually outperforms his competition.

 

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Matt McGregor

Executive Vice President

Seattle

Matt specializes in the representation of industrial tenants and landlords in the Seattle area and is a market leader in the dispositions and acquisitions of both owner/user and investment sales. Matt has developed long-term relationships with many clients due to his extensive knowledge of the market and his dedication, professionalism, and commitment to his clients. Having been involved in hundreds of transactions totaling more than 61 million square feet throughout his career, including leasing up to 100% occupancy of large industrial portfolios for Landlords including: Prologis, Dalfen Industrial, Principal Global Investors, American Realty Advisors, Bertch Capital, and Clarion Partners. Matt approaches his work enthusiastically every day and holds himself to the highest level of accountability to his clients. He has unparalleled experience in industrial commercial real estate, including ware-housing, corporate headquarters, manufacturing plants, distribution and logistics facilities.

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Jack Murphy

Associate

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Jack Murphy joined Colliers International in July 2018, having graduated from Gonzaga University with a Bachelor of Business Administration in Finance and Marketing. He works with the rest of the Condon-McGregor team to develop and maintain relationships with industrial tenants in the Puget Sound Region, acting as an advisor in acquisition and disposition activities across sectors and property types. Jack interned with a Colliers multifamily brokerage team the summer prior to his senior year in college. This experience helped him gain understanding and appreciation for a wide variety of real estate processes across multiple markets and areas of focus, and allowed for rapid integration into his current position.

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