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961,013-SF Industrial Portfolio Changes Hands

KENT, WA-American Realty Advisors pays $57.4 million for an eight-building development here that is 50% occupied by Boeing and 85% leased.

By Brian K. Miller | Updated on September 26, 2005

KENT, WA-A client of American Realty Advisors of Glendale, CA has acquired 212th Business Park, a 961,013-sf industrial warehouse property that is 85% leased. The sale price was $57.4 million or $59.73 per sf. The seller was Value Enhancement Fund, which is managed by Apollo Real Estate Advisors.

The property sits at the intersection of 212th Street and East Valley Highway (84th Avenue) and was developed in the 1970s. Local sources tell GlobeSt.com Boeing occupies half of the space (four buildings) at below market rates and the total number of tenants in the park is less than 10.

The park’s buildings break down into two 80,000-sf buildings fronting the two roadways and six 120,000-sf buildings in the park interior. Boeing’s leasehold includes one of the frontage buildings and three of the interior buildings. The acquisition includes a three-acre parcel that Boeing leases as yard space that one day could be recaptured for additional development.

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