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Pair of Puyallup Industrial Buildings Trade in 1031 Exchange
A pair of industrial buildings in the Puyallup market traded hands in a transaction valued at $11.9 million. The acquiring entity, Green Valley Ridge Partners, LLC, purchased the properties as part of a 1031 exchange.
The two-property portfolio is located at 5526 and 5530 184th Street E. The buildings, totaling 81,800 square feet, were constructed in 2004 and are situated on a 5.6-acre land parcel. The modern industrial properties have a generous 30-foot clear heights, four dock high and five grade level doors. The buildings are within the Frederickson Industrial Park and are near SR 512 and the Port of Tacoma.
“There is strong demand for industrial space in Puget Sound and in this submarket in particular. The buyer came into the market as a result of an unsolicited offer on a prior asset,” said Brandon Thomas of Coldwell Banker Commercial Danforth, who represented the buyer.
The properties were fully leased at the time of the sale and one of the properties was leased back to the seller.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition
