Seattle & Northwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
DWS Group’s RREEF Lands Redmond Distribution Facility for $82M
DWS Group’s RREEF Property Trust, Inc. acquired a 210,321-square-foot distribution center in Redmond, WA from Franklin-Redmond LLC for $81.50 million. The property at 18795 NE 73rd St. is fully leased to a multinational delivery services company through July 2028, and serves as a last-mile distribution center to the surrounding residential population and local corporations in Seattle’s Eastside submarket.
“Acquiring a well-located distribution facility in one of the busiest shipment corridors along the West Coast is aligned with our portfolio allocation strategy for the fund,” said Todd Henderson, Chairman of the Board of RREEF Property Trust and Head of Real Estate, Americas at DWS.
The LEED Silver-certified distribution facility houses a custom, built-in-place conveyor system, tasked with sorting and organizing packages for shipment in an efficient and cost-effective manner. The property’s close proximity to Seattle’s major population centers, SeaTac Airport and the Port of Seattle, makes this location highly desirable among large distribution tenants, while high barriers to entry have limited development in this industrial node.
CBRE handled the transaction.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition
