CenterPoint Properties, the Oak Brook, Illinois-based real estate developer, announced that it had purchased two more industrial properties in the Seattle area, paying a total of $48.3 million for the assets. CenterPoint has invested in half a dozen Puget Sound-area properties totaling nearly 1 million square feet over the past 12 months, with CenterPoint Senior Vice President Jim Linn stating that the company seeks to grow its presence in the Seattle port market by more than 1 million square feet annually.
According to a Puget Sound Business Journal article, CenterPoint recently paid $31.9 million for a nearly 24.5-acre container/storage yard with a nearly 232,000-square-foot industrial building at 8801 E. Marginal Way S., in Tukwila. It was purchased from a limited liability company whose manager is Washington Real Estate Holdings of Seattle, which bought the property from Paccar for $11 million ten years ago. The second property at 3480 West Marginal Way S.W., along the Duwamish West Waterway near Harbor Island, was $16.4 million for the 157,150-square-foot "multi-modal trans-load facility". Records list the seller as First Industrial of Chicago and show that the company had bought the facility for nearly $5.9 million four years ago.
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