(To read more on the industrial market, click here.)
FIFE, WA-Investment adviser ING Clarion Partners of New York has acquired a 501,250-sf warehouse here during its construction phase for $32.6 million and has retained the developer, Opus Northwest, to complete the project. Known as Pacific Coast Corporate Park Phase II, the warehouse is five months from completion.
The building will have 30-foot clear heights, cross-dock loading and ample trailer parking, and can be divided into 65,000-sf chunks. Todd Clarke and Doug Klein of GVA Kidder Mathews have the leasing assignment. The asking rent is in the mid-$0.30s per sf per month.
Pacific Coast Corporate Park is located a short way south of Interstate 5 at Valley Avenue East and 70th Avenue East. The two-building, 170,000-sf first phase of the park was completed last year and sold to Highmark Investments. About 60,000 sf remains available for lease; unlike the second phase, phase one can be divided into 14,000-sf chunks.
ING Clarion Partners has interests in approximately $850 million of real estate assets in the Seattle area, representing all the major food groups (office, retail, multifamily and industrial). Stephen Latimer, a managing director with ING Clarion, says Pacific Coast Corporate Park is designed to capitalize on the rapid expansion of the region's ports. "As an important center for global trade, the Puget Sound area will continue to be a target market for investment," Latimer says.
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