SEATTLE-MRS Investments has acquired Cedar River Corporate Park in Renton, WA, and the Lincoln Distribution Center in Kent, WA, for a combined total of $37.9 million. According to senior vice president Matt McGregor of Grubb & Ellis Co.― who represented the buyer along with executive vice president and managing director Bill Condon and vice president Andrew Hitchcock of the company's industrial group―the acquisitions “presented a strong investment opportunity for our client for a number of reasons, including their excellent locations near major thoroughfares.”
McGregor adds that “Additionally, Cedar River Corporate Park is a brand new building and the only LEED-certified property of its kind in the Puget Sound, creating a unique competitive advantage. Lincoln Distribution Center is fully leased and functions very well with a possible value-add prospect.”
Cedar River Corporate Park is located at 2200 Lind Ave. S.W. and consists of four buildings comprising 143,300 square feet of flex space. Acquired for $27 million, the newly constructed class-A business park holds the silver LEED certification and is close to Interstate 405 and Highway 167.
Michael Ross, executive vice president, and Andrew Harper, vice president, members of Grubb & Ellis’ Institutional Capital Markets group in the company’s Downtown Los Angeles office, assisted the Seattle team in the transaction. John Gilliland, John Sullivan and Charlie Farra of CB Richard Ellis represented the seller, Tarragon LLC.
Located at 5808 S. 196th St., the Lincoln Distribution Center is a 170,000-square-foot warehouse/distribution building that was purchased for $10.9 million. The property was 100% leased at the time of sale to multiple tenants, including Pacific Power Generation and Certified Folder Display Inc. The property is close to Interstate 5 and State Route 181. Richard Peterson of NAI Puget Sound Properties represented the seller, Lincoln Center LLC in the sale.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
