Seattle remains one of the country’s strongest industrial markets, with vacancy rates of 5.25 percent for the Puget Sound region. A recent indication of that demand is the sale of SODO Urban Works, a 177,827-square-foot urban industrial business park located at 3901 First Ave. South.
The business park sold to Nicola Wealth, a Canadian-based wealth management and investment firm, for $53.45 million. The seller was 4105 First Ave. South Investments LLC.
SODO Urban Works is located less than one mile from the Port of Seattle in the SODO neighborhood, one of the most sought-after light manufacturing/last-mile distribution markets in the country. The property was originally constructed in 1942 and converted to a multi-tenant property in the 1980s. Its most recent renovations started in 2013, transforming the warehouse areas to accommodate winetasting rooms and tenants. Currently, the property is 100 percent leased to anchor tenants Southern Wine & Spirits, Din Tai Fung, San Juan Seltzer and IClick.
The seller was represented in the transaction by Kidder Mathews brokers Andy Miller and Evan Lugar.
Lisa Brown has more than 30 years of experience in corporate communications and marketing management with organizations including Grubb & Ellis, Marcus & Millichap and NAIOP.
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