Colliers has announced the off-market sale of a pair of industrial buildings owned by Holman Logistics in Kent, WA. Colliers’ industrial specialists Matt McGregor and Bill Condon represented both parties in the $106 million deal. The buyer was Lift Partners.
“We’re currently seeing a trend in which industrial buildings are in extremely high demand,” said McGregor in a news release. “Inflation, coupled with limited supply, are causing rents on new leases to skyrocket. This is especially true in Kent, where demand for exceeds supply. Given these dynamics, this was an exceptionally successful transaction for both parties.”
The two buildings located on 76th Avenue South have a combined 382,000 square feet and 200,000 square feet of excess yard. Holman Logistics has also agreed with the buyer to execute a 12-month leaseback of the properties until it can complete construction of new facilities in Fredrickson and Sumner, WA.
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.