The 23-acre business park is located on Highway 99, a short ways off Exit 137 from Interstate 5 and within the Port of Tacoma's Foreign Trade Zone 86. It was developed in 1985 and is currently about 88% leased.
Dean Trenery of DJT Realty Advisors represented the seller. The buyer was represented by Steve Sutherland and Craig Wilson of CB Richard Ellis, with assistance from Scott Alan and Arvin VanderVeen of Colliers International.
With this purchase, the company's Seattle portfolio now totals in excess of 1.6 million sf of office, industrial and retail properties. The company also owns 542 multifamily units.
"We have tried very hard to increase our company's real estate holdings in the Puget Sound area for several years now," says Harsch president Jordan Schnitzer. "This property fits our criteria-–great location, great tenant mix and a great opportunity to improve the overall image of the property."
Harsch's Seattle region VP Scott Coombs tells GlobeSt.com the park was built when the area was dominated by business parks. Now, he says, there is much more retail in the area, including several retailers that occupy the smaller buildings in Fife Business Park that front Highway 99. As a result, Coombs says there is upside to be had in enhancing those street-front buildings and leasing more of them out to retail tenants.
Harsch owns three other multi-tenant industrial parks in the Seattle-Tacoma area, all located near Boeing Field. They include Cloverdale Business Park, a 195,000-sf on South Cloverdale; South 93rd Business Park, a 196,000-sf park on South 93rd at 15 Avenue South, and; South 96th Business Park, a 98,000-sf park located at South 96th and 4th Avenue.
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.
