RENTON, WA—Denver-based EverWest Real Estate Investors recently inked the first of several anticipated 2020 industrial acquisitions in Washington State. The latest deal is a $29.5 million purchase and partial sale-leaseback of an industrial building at 851 SW 34th St. in Renton, just outside of Seattle.
EverWest's Ryan Madson, managing director, represented EverWest in the acquisition and sale-leaseback. Arie Salomon and Jeff Forsberg with NAI Puget Sound Properties represented the 34th Street building seller, Alliance Packaging.
"EverWest has been actively pursuing infill industrial opportunities across the US, and this asset fits squarely in our parameters of quality, location, stability and long-term value," said Madson. "This deal was put under contract after the COVID-19 disruption began and, outside of minor delays during early stay-at-home orders, ran smoothly. It is a great complement to our existing portfolio and the first of more industrial buys we hope to complete in the Washington market this year."
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Alliance Packaging will continue to occupy approximately half of the 34th Street building under a long-term 82,019-square-foot sale-leaseback agreement. The building's remaining 82,313 square feet, including 13,440 square feet of office space, is available for immediate lease.
Madson recently discussed how Washington State factors into EverWest's acquisition equation and why industrial is the investment of choice during the COVID slowdown.
GlobeSt.com: How is Washington State affording opportunities for investment during this chaotic time?
Madson: Washington has a wide range of advantages, a major port, a strong transportation infrastructure and an educated workforce that are strong industrial draws at any time. These advantages add to the state's economic resilience and will help it not only weather the current cycle but also support its strong recovery coming out of the pandemic.
GlobeSt.com: Is industrial the obvious choice with the demands of e-commerce right now?
Madson: The short answer is yes. Given the demands we are seeing in the market now from e-commerce tenants, industrial is the obvious choice. However, this is a strategy EverWest was focused on even before the pandemic. COVID market fundamentals have only solidified our belief that there will be strong long-term growth in the industrial markets.
GlobeSt.com: What do these latest properties have in common?
Madson: Our latest property activity has a common theme, in that most deals involve real estate that is sold and then leased back by the seller through a sale-leaseback. The strategy allows a seller to capitalize on strong market values without requiring a company relocation.
GlobeSt.com: What does the investment trajectory look like for the foreseeable future?
Madson: We see the investment trajectory for well-located industrial space of all kinds as strong throughout the rest of the year.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
