The supplier of systems and services to the aerospace industry will continue to provide third party maintenance services at the airport, but has consolidated operations into fewer buildings. The property for sale is the company's Components Services Building, a two-story tilt-up that sits on 7.57 acres and includes office, warehouse, manufacturing and assembly space.
The asking price for the vacant building at 11323 30th Avenue West is $8.7 million or $57.39 per sf. Colliers' senior vice presidents Gregg Riva and Derek Heed of Bellevue, WA are handling the assignment.
"It's a good fit for somebody," Riva tells GlobeSt.com, who expects the buyer to be an owner-user with a connection to the airport. "We just have to find the user who can benefit from it."
Built in the mid 1980s, the building has 286 parking stalls with yard area, an onsite industrial waste water treatment plant and clean rooms. Office space includes 1,940 sf on the first floor and 25,600 sf on the second floor. Assembly areas include 6,220 sf on the first floor and 38,780 sf on the second floor. The manufacturing area comprises 62,100 sf on the first floor and includes 14,400 sf of high-bay warehouse.
As for comparables, Riva says there was a 335,000 sf facility that sold in the last 24 months for $68 per sf, but that's about it. "It's a small market up there," he says. "The unique thing about this building is its relationship to the airport; it's about 50 yards from the entryway into the airport.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
