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Lend Lease Buys 961,000-SF Industrial Park

KENT, WA-The estimated $27 million sales price for Valley Industrial Park is said to be $19-per-sf less than the seller, TrizecHahn, paid to acquire it last fall. The park is 60% occupied, with Boeing as its largest tenant.

By Janet Parker | Updated on March 12, 2002

KENT, WA-On behalf of the Value Enhancement Fund V, New York-based Lend Lease Real Estate Investments Inc. appears to have gotten a great deal on one of the largest industrial properties in the Kent Valley, the 961,000-sf Valley Industrial Park. The park is 60% occupied, with Boeing as its largest tenant.

Lend Lease declined to verify the exact price paid, but a company spokesperson did confirm that local speculation of $28 per sf ($26.9 million) was “in the ballpark.” If true, it would represent a significant loss for TrizecHahn, which reportedly paid $47 per sf for the property last fall with plans to convert it for use a “telecommunications hotel.”

GlobeSt.com was not immediately able to reach TrizecHahn for comment. One Kent Valley industrial specialist tells GlobeSt.com the condition of the aging Valley Industrial Park is one factor that contributed to its low price. In the current market, sales prices on similarly-typed buildings in better condition are running in the high $40′s.

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