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Colliers Facilitates Sale of 135,512 SF Industrial Building in Tukwila

Bldg Photo  Rainier Industries

Transaction closes for $34.8M amidst tight industrial market

SEATTLE, Wash. – May 31, 2022 – Leading diversified professional services and investment management company Colliers today announced the successful sale of the Rainier Industries Building in Tukwila, WA to Dalfen Industrial on May 27th for $34,800,000. The Colliers team was led by industrial experts Matt McGregor and Bill Condon, who represented both parties in the transaction.

 

Located at 18375 Olympic Avenue South, the building sits on 6.76 acres of land in one of the country’s most highly sought after industrial markets. The property offers direct visibility on Olympic Avenue South with easy access to I-5, SR 181 and SR 187, and good proximity to both the Port of Seattle and the Port of Tacoma. The building is currently 100% leased to Rainier Industries, a display, shade and shelter manufacturer that has been operating in Washington State for 125 years. The company plans to continue occupying the property under new ownership.

 

“This was a winning transaction for both our clients,” said McGregor. “The Kent Valley industrial market is as tight as I’ve seen it, with vacancy for manufacturing facilities like the Rainier building sitting at 2.3%. Opportunities to acquire this caliber of asset in this submarket and retain a stable, long-term tenant are incredibly rare.”

 

Contact:

Solana Tanabe

Allison + Partners for Puget Sound

solana.tanabe@colliers.com

 

About Colliers

Colliers is a leading diversified professional services and investment management company. With operations in 65 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to real estate occupiers, owners and investors. For more than 26 years, our experienced leadership with significant insider ownership has delivered compound annual investment returns of almost 20% for shareholders. With annualized revenues of $3.6 billion ($4.0 billion including affiliates) and $46 billion of assets under management, we maximize the potential of property and accelerate the success of our clients and our people. Learn more at corporate.colliers.com, Twitter @Colliers or LinkedIn.


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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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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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