Sea-Tac Industrial Continues on Upward Trajectory
The recent sale of Parmac Industrial Park, a 126,721-square-foot industrial asset in Kirkland, resulted in multiple offers, says a broker associated with the transaction. In addition, a 7-acre lot with future expansion potential was included in the sale.
The $33.75 million sales price equates to $266 per square foot. The buyer was Terreno Realty.
“We received multiple offers and closed all-cash following a 49-day escrow,” said Leroy Lutu, senior associate in Marcus & Millichap’s Seattle office.
Lutu represented the sellers, an investment group that had owned the property for more than 30 years, and procured the buyer.
Located at 10822-10858 117th PL NE, the property was 100 percent occupied at close of escrow by a diverse mix of wholesalers, distributors and sports/recreational tenants.
“A strong economy and one of the largest ports on the West Coast have made the Seattle-Tacoma-Bellevue industrial property market one of the nation’s most active during the past several years,” says Lutu. “High demand for logistics space is putting strong upward pressure on the value of well-located industrial properties and the small number of new industrial developments delivered into the Kirkland submarket in the last decade has resulted in a strong rent growth.”
- ◦Acquisition