Colliers Brokers Off Market Transaction in Highly Desirable Submarket
SEATTLE, Wash. – July 22 2022 – Colliers, a leading diversified professional services and investment management company, has finalized an off market sale of warehousing facilities owned by Holman Logistics, Kent WA to Lift Partners. Industrial experts Matt McGregor and Bill Condon represented both parties in the transaction, which closed on July 13th for $106,100,000.
The two buildings are located at 22434 and 22408 76th Avenue South in Kent and have a combined 381,790 SF building area and 200,000 SF of excess yard. Both buildings feature substantial warehouses with a mix of dock high and grade level loading doors. They also offer rail access to the Burlington Northern Santa Fe line.
Holman has agreed with the buyer to execute a short-term (12-month) leaseback of the properties and will continue to operate in the current Kent buildings until Holman completes construction and relocation plans for new facilities in Fredrickson and Sumner over the next year.
“We’re currently seeing a trend in which industrial buildings are in extremely high demand,” McGregor said. “Inflation coupled with limited supply are causing rents on new leases to skyrocket. This is especially true in Kent, where demand far exceeds supply. Given these dynamics, this was an exceptionally successful transaction for both buyer and seller.”
Vacancy in the Kent Valley submarket remains low, with only 5.4% of its total industrial inventory available for lease. The area has long been one of the most desirable submarkets in the region because of its transportation infrastructure, strong market fundamentals, and proximity to ports in both Seattle and Tacoma.
Allison + Partners for Colliers Portland
Colliers is a leading diversified professional services and investment management company. With operations in 62 countries, our 17,000 enterprising professionals work collaboratively to provide expert real estate and investment advice to clients. For more than 27 years, our experienced leadership with significant inside ownership has delivered compound annual investment returns of 20% for shareholders. With annual revenues of $4.3 billion and $77 billion of assets under management, Colliers maximizes the potential of property and real assets to accelerate the success of our clients, our investors and our people. Learn more at corporate.colliers.com, Twitter @Colliers or LinkedIn.