Skip to main content Skip to footer

Colliers Facilitates Two Record-Breaking Industrial Sales in Spokane

15909 E Marietta016

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.”

 

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.


Related Experts

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.

 

View expert

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.

View expert