Growing submarket attracts $62M of institutional investment
SEATTLE, Wash. – May 09, 2022 – Continuing the national trend of intense investment activity in the industrial sector, $62,000,000 was added to the Spokane area’s total sales volume for 2022 by Colliers, a leading diversified professional services and investment management company. The firm’s Seattle-based industrial experts Bill Condon and Matt McGregor oversaw the sale of two separate industrial properties within the greater Spokane area: a 306,000 SF building located at 9212 W Hallett Road in Cheney (the Hallett Building), and a 111,000 SF building located at 15909 E Marietta Avenue in Spokane (the Marietta Building). Both transactions set new high water marks for institutional investment in the submarket.
“These are both excellent transactions for all the involved parties,” said Condon. “The purchase of these properties by institutional investors, is indicative of significant growth in the Spokane submarket.”
Purchased by Bridge Investment Group’s Bridge Net Lease Income Fund, the Hallet Building closed on May 2nd. The Class A industrial facilitiy was fully leased to a long-term, high credit tenant for 15 years at the time of sale . Its location in Cheney, WA offers excellent proximity to the Spokane airport and major trucking routes. Colliers represented the seller and the buyer in the transaction.
The Marietta Building sold in May to TPG Real Estate, the real estate platform of alternative asset management firm TPG. Dogwood Industrial Properties, a platform backed by TPG Real Estate that acquires, owns, and operates high-quality, infill, multi-tenant industrial assets in strategic, growth-oriented metropolitan markets, will initially manage the property. The Marietta Building marks Dogwood’s entrance into the Spokane market. Also a Class A facilitity, the Marietta Building is fully leased to four long-term tenants, including Keystone Automotive. Located in Spokane’s primary industrial district, the property offers easy access to I-90, making it an attractive location for tenants with manufacturing and distribution operations.
“Limited supply and outsized demand are keeping the competition fierce in the industrial sector,” Condon said. “We expect to see traditionally secondary markets like Spokane attract even more attention from institutional investors as they work to secure footholds across the nation.”
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.