Kent Industrial Development Sells for Record $260M
The Church of Jesus Christ of Latter-day Saints has purchased the 823,000-square-foot Pacific Gateway Industrial development in Kent, WA for $260 million. According to the developer and seller, Panattoni Development Company, the price tag represents the biggest single-asset deal on the West Coast this year.
The Puget Sound Business Journal reports Newmark had the listing for Panattoni and JV partner Link Logistics. Travis Hale, partner at Panattoni said that the transaction also represented the most expensive gross dollar amount to ever sell in the Kent market. The development is located on West Valley Highway at 59th Place South and is fully-leased to Blue Origin and Veritiv Corp.
Buildings in the complex, which was just completed in May, range from 100,000 to 350,000 square feet with clear heights between 24 and 40 feet. Panattoni and Link Logistics purchased the 42-acre site from The Boeing Co. for $60 million in early 2020.
Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.