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Red Dot Industrial Building Sells for $5 Mil

KENT, WA-Though more space has come available and rents have dropped with the overall market, those changes are having little effect on the sales of smaller properties here, says Chris Corr of Kidder Mathews & Segner.

By Janet Parker | Updated on November 27, 2001

KENT, WA-Jim Kidder and Chris Corr of Kidder, Mathews & Segner recently closed the sale of a 99,000-sf industrial building in the Kent Valley that had gone under contract last spring. While vacancies have risen and rental rates have fallen over the last several months, Corr tells GlobeSt it is likely the sales price of slightly more than $5 million would be no less if it were to be put on the market today.

Representing the owner, Red Dot Corporation, Corr and Kidder put the 98,770s-sf building at 19021 80th Ave. S. under contract in April to Vectra Fitness Inc., a Redmond-based manufacturer of exercise equipment. “It was the classic story of an Eastside company seeing the benefit of buying in Kent when Eastside availability was tight and rents were high,” says Corr.

According to most research reports, overall Eastside vacancies last spring were running about 4.2%–but had jumped to 7.7% by the end of September. While Corr was unable to immediately provide current numbers on Eastside rents, he did say increased space availability may be impacting rates—but not so much for sales prices if an owner is patient.

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