SEATTLE-Metzler Real Estate, a Seattle-based real estate investment firm, has sold Spokane Street LP a three-building, 323,030-square-foot industrial property located at 3800 1st Avenue South to the investor group LIPT Spokane Street, LLC for $38.7 million.
Metzler acquired the property in 2006 on behalf of its sponsored fund, Metzler US Real Estate Fund, which represents German institutional investors. The property is located in the SODO district, an area south of downtown Seattle, and consists of a high-quality warehouse and distribution facility. Metzler chose to acquire the asset due to its close-in location and quality of tenants.
The property is 100% occupied. Major tenants include Charlie's Produce, City of Seattle and outdoor equipment manufacturer Cascade Designs. Each of these businesses recently committed to long-term lease renewals.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
