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.”
Allison + Partners for Puget Sound
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.