Rare Industrial Property in Kent Valley Sells for Over $5M
Dalfen Industrial, one of the largest buyers of industrial real estate in the United States, has purchased a unique industrial property at 214 21st Street SE in Auburn, Washington, for $5.225 million. The seller was a private owner, represented by Kidder Mathews Executive Vice President Matt McLennan, SIOR, CCIM, who will continue as the leasing agent for the property.
The property is a unique blend of office, industrial warehouse, and outside storage yard space — a combination that is difficult to find in the Kent Valley, one of the Puget Sound region’s top industrial markets. It consists of 26,920 rentable square feet on 2.15 acres of land.
The in-place tenant has three remaining years on the lease at a rate 58 percent below market. “Demand for well-located strategic industrial properties continues to be robust,” said McLennan. “Lack of available inventory coupled with today’s difficult investment environment makes these types of deals hard to come by. The seller’s willingness to finance the transaction overcame the challenges we faced.”
Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories.
With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.