MRS Pays $38M for Investment Properties

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.”