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Kauri, Ariel Execs Acquire Second Interbay Asset

SEATTLE-The 1.67-acre site houses a 114,385-sf manufacturing building. The seller, GM Nameplate, will occupy the building for at least two more years.

By Brian K. Miller | Updated on September 25, 2006

SEATTLE-Members of Kauri Investment Ltd. and Ariel Development acquired their second Interbay asset this month, paying $10.5 million for a 1.67-acre site with a 114,385-sf manufacturing building on it. The seller is the occupant, GM Nameplate, which has leased back the building for two years and holds options to extend its stay.

The property address is 2040 15th Ave. West, near where West Armory Way branches off to the west. Earlier this month, GM Nameplate’s new owners acquired a six-building industrial site on West Armory Way from the Seattle Monorail Project for $12.5 million. Both purchases helped complete a 1031 exchange of profits from the group’s August sale of a warehouse property.

With regard to the most recent purchase, Kauri president Kent Ainger says he is currently negotiating with a prospective tenant that could move into the building when GM Nameplate vacates. “Their tenancy will require substantial improvements and change the use of the building but the tenant will be a great addition to the neighborhood,” he says. “The Interbay neighborhood is in the path of Seattle’s growth and is currently seeing new development including a Whole Foods store.”

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