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Ares Acquires Industrial Complex Leased by SpaceX for $115M Deal
Los Angeles-based Ares Management has bought a two-building complex for $115.2 million, including a SpaceX-leased building on the Eastside, as part of the sale of the LogistiCenter at Woodinville industrial complex.
SpaceX’s Starlink satellite division signed a lease for 197,500 square feet earlier this year. Two other tenants, TW Metals and United Healthcare, also occupy space in the 490,000-square-foot center, reported the Puget Sound Business Journal. Kidder Mathews’ Andy Miller and Zach Vall-Spinosa represented the seller.
The complex was previously owned by Link Logistics, a Blackstone portfolio company based in New York. Link bought the center in 2019 from Reno, Nevada-based Dermody, the property’s developer, for $63.3 million. Dermody built the property in 2018.
