A private 1031 exchange buyer has purchased Lakewood Business Park, a 136,000-square-foot, multi-tenant industrial campus in Lakewood, WA. CBRE’s Brett Hartzell, Paige Morgan and Rebecca Perlmutter along with Neil Walter’s Nick Ratzke and John DeHan represented the seller, MCA Realty in the $32.9 million transaction.
Located at 10107 South Tacoma Way in the Seattle submarket of Lakewood, the six-building business park is situated less than eight miles from the Port of Tacoma and only two miles from the Lewis-McChord joint army and air force base.
MCA Realty implemented updates to the property including outside storage, new paint, new fencing, asphalt, curbing, lighting repairs and landscape, which helped boost the property value from the $18 million price tag when the firm purchased it in 2020. Lakewood Business Park was also at 100% occupancy at time of sale.
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.