
LaSalle Divests South Seattle Warehouse for $73M
LaSalle Investment Management sold South Seattle Distribution Center, a three-building industrial park in Seattle’s Industrial District, to an entity affiliated with Charlie’s Produce for $72.6 million. The assets encompass 315,392 square feet and are located on 10 acres at 3844 and 3800 First Ave. S. and 3601 Second Ave. S., which were built in 1949, 1968 and 1980, respectively.
The buyer was Triple B Ventures LLC, an entity associated with Charlie’s Produce’s founders Ray Bowen, Charlie Billow and Terry Bagley. KeyBank provided acquisition financing.
The employee-owned company continues to solidify its footprint in Seattle. Last fall, Charlie’s Produce acquired its nearby warehouses. In shifting from a tenant occupier to an owner, the company is making moves to capitalize on low interest rates and fix its real estate costs.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition