(Save the date: RealShare Industrial 2012 comes to The Bankers Club, Miami, December 5 - 6.)
SEATTLE-Kidder Mathews is marketing for sale the 77-acre industrial development site known as Opus Centralia Logistics Center, for its client Opus Northwest. Kidder Mathews broker Vanessa Herzog tells GlobeSt.com that “it is priced for investment.”
Opus Northwest was the largest developer by volume in the Northwest region up until 2009, according to a prepared statement. In this particular asset, the developer invested a total of more than $8 million including land, site work and entitlements.
In terms of reasons for selling, Kidder Mathews notes that the firm is now “liquidating their entire portfolio,” and points out that this site is the last remaining commercial land parcel of the Opus Northwest portfolio of properties.
Herzog tells GlobeSt.com that the asking price is $1.11 per square foot or $3.75 million. “The asking price is equivalent to raw land pricing,” she tells GlobeSt.com, but notes that “it is actually priced below that as you get closer to Tacoma.”
The site is one of the largest remaining rail-served properties on the I-5 corridor and it has full support of the City of Centralia for construction of up to 1.8 million square feet of industrial space. The potential logistics center is located mid-point between Seattle and Portland with excellent multi-state access for distribution of goods, and direct access to the premier west coast ports of Seattle, Tacoma, and Portland.
Herzog explains that the property will appeal to investors and developers of industrial centers as well as owners/users. Herzog is working with Kidder Mathews’ Todd Clarke on the listing.
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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.
