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200,000-SF Dist. Center Sells for $8.2 Mil

ALGONA, WA-Goodyear Tire & Rubber Co. has six years left on a 20-year lease of the building, and has options to extend the lease another 25 years.

By Gina Binole | Updated on November 05, 2001

ALGONA, WA-The Goodyear Tire & Rubber Co.’s 200,000-sf regional distribution facility sold last week for $8.2 million.

The seller was Levitt Trust, a New York-based investment firm with a commercial portfolio valued at $500 million. Ted Gibbons, president of Investment Realty Advisors, was the listing broker. The new owner is the Rivily Family, a Seattle-based family that owns multiple properties in the Kent Valley. They were represented in the transaction by Rex Noffsigner of Colliers International.

Goodyear Tire, the world’s largest tire manufacturer, uses the facility to distribute automobile, truck and airplane tires to six states and Canada. The company pays an annual rent of $735,000 through the end of its initial lease term, which is Dec. 1, 2007, but has the option to take for another 10 years at $841, 110 annually, and then for another 15 years beyond that if it so chooses, according to the offering memorandum.

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