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KENT, WA-Lowe Enterprises of Los Angeles has sold Springbrook 188, a four-building 365,040-sf industrial park here, to LBA Realty of Irvine, CA. The sale price was $22 million, or $60.26 per sf.
The park is located at South 188th Street and 80th Avenue. The buildings are designed to serve a variety of users. The main warehouse is 260,842 sf with 22-foot dock-high doors. The annex warehouse is 36,070 sf with rail access. The freezer/cooler building is 47,040 sf. The truck maintenance building is 3,752 sf.
Lowe acquired the asset in 2001 as an unstabilized asset for $12.5 million. Lowe then implemented a capital improvement and leasing program. The property is now fully leased to a variety of companies, including Starbucks.
In explaining the acquisition, LBA principal Bill Kearns says the property has a great location, good functionality and a high-quality tenant roster. "The Kent Valley is one of the most established and desirable industrial markets in the Pacific Northwest," he says. "Moreover, the property has good access to both the I-5 and I-405 and Route 167."LBA owns and operates office and industrial properties on behalf of its institutional investment funds. The company currently manages a $1-billion portfolio that includes 11 million sf of industrial and commercial office space throughout the western US.
Lowe, through its investment advisory affiliate, the firm currently manages in excess of $2 billion in real estate assets on behalf of institutional clients. Reynolds Hass of Colliers International and Tony Kusak of Cushman & Wakefield had the disposition assignment.
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