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.

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