Staley Point Capital recently acquired 2424 8th Ave. S., a 90,000-square-foot warehouse in the South of Downtown (SODO) neighborhood of Seattle, for $31.6 million or $351 per square foot. The private purchase was completed via a joint venture between Staley Point Capital and Bain Capital Real Estate. The partnership has been an active acquirer of West Coast infill industrial properties since launching in September 2020.
The fully leased asset has 42 dock-high doors that are ideal for last-mile high-throughput tenants. 8th Avenue is also within 10 miles of the region’s most significant distribution hubs including SeaTac International Airport, and the BNSF and Union Pacific railway yards.
“8th Avenue is a highly functional asset in a submarket with declining industrial supply and more than 500,000 people within five miles,” said Eric Staley, managing director of Staley Point.
SODO is the most proximate industrial pocket to the Port of Seattle. Seattle has benefited from the growth of several leading technology companies including Amazon, Apple, Facebook and Google. The city’s ports are the U.S.’ fourth largest by volume and have performed well in the first half of 2021. These growth drivers, combined with shrinking industrial supply, have contributed to strong industrial tenant demand in the SODO area.
“Seattle is a high conviction market for our industrial strategy due to its strong growth fundamentals,” said Andrew Terris, a managing director at Bain Capital Real Estate.
Winston & Strawn LLP served as legal counsel to Staley Point Capital for the transaction. Newmark represented the seller and JLL will arrange the loan financing.
Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM.
In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.