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Auburn Sale Sets YTD King County Pricing Record for Industrial
Boston-based Cabot Properties has acquired a two-building campus in Auburn, WA that houses a Tommy Bahama distribution center for $83 million, the Puget Sound Business Journal reported. It is the highest-priced industrial transaction so far this year in King County, the Business Journal reported, citing sales records. The price works out to $215 per square foot. It’s also the largest year to date by square footage.
The seller, which bought the properties in 2002 for $20 million, is an entity related to Nuveen Real Estate. The campus was developed in 2000 and originally owned by Benaroya Co.
Located at 3703 I St. NW and 3941 I St. NW, Auburn Park 167 is a two-building industrial park totaling 386,000 square feet. Building A covers 259,000 square feet and Building B has 127,000 square feet. Tommy Bahama occupies most of Building A.
No broker information was released, the Business Journal reported.
Photo courtesy of Kidder Mathews.
- ◦Sale/Acquisition
