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Two Industrial Buildings in Kent Sell for $106M

Holman_Distribution_Kent_HQ

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.

 

Contact:

Solana Tanabe

Allison + Partners for Colliers Portland

solana.tanabe@colliers.com

 

 

About Colliers

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.

 


Related Experts

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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