Industrial

The portfolio consists of three business parks totaling 20 buildings and 1,133,516 square feet of light industrial and flex assets.

"We continue to see investor interest in high quality and well-located industrial assets throughout the state," HFF's José Cruz says.

The project has access to "a strong, vibrant labor force and a strategic location," says Trammell Crow's Andrew Mele.

The private placement is expected to close in mid December 2018 in conjunction with the closing of a previously announced portfolio acquisition in Jacksonville, FL.

The two firms closed on the last property in the Northeast Logistics Portfolio—192 Mansfield Ave. in Norton, MA on Nov. 20.

The new distribution facility will be 1M square feet.

The Puget Sound area has many large corporations driving growth such as Boeing, Microsoft, Amazon, Starbucks and Costco, leading to construction of all building types.

"This acquisition continues the expansion of our nationwide industrial portfolio, which seeks to secure strong, income-oriented returns at this mature stage of the current real estate cycle,” says Brodie Ruland, ASB senior vice president and Northeast region head.