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Seattle & Northwest  + Pacific Northwest  + Industrial  | 

Puget Sound Industrial Demand Continues with Sale of Two Buildings

Built in 1987, two industrial buildings at the Gateway Corporate Center in Tukwila, Wash., have sold for $19 million. The buyer is a foreign limited partnership associated with Vancouver, B.C.-based Nicola Wealth Real Estate.

Will Frame, Drew Frame, Andy Miller and Richard Davidson of Kidder Mathews represented the seller, BECU.

The buildings, together, total around 85,000 square feet: Building 5 has 46,000 square feet, and Building 6 has 39,000 square feet. Both structures offer a mix of office and warehouse storage space, according to a news release.

The sale continues BECU’s unloading of its eight Gateway campus buildings it acquired for $78 million in 2016. It sold four other buildings totaling 181,000 square feet to Nicola in 2019 for $40 million.

Marketwise, the sale reinforces the high demand for high industrial sites in the Pacific Northwest, according to a recent report from Colliers. The report shows that 11 million square feet of the area’s industrial space will be leased in 2022 — mirroring 2021’s.

Image courtesy of Kidder Mathews and CoStar Group Inc. Kidder Mathews is a licensed Costar customer of CoStar and grants Connect CRE permission to publish the above image.

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City of Tukwila, Wash.

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