Real Estate Editor
A warehouse/distribution property at 7215 S. 228th St. in Kent has sold for a bit over $14.2 million, according to King County records. The seller was local investor/developer MRM Kent LLC, which acquired the property in 2015 for a little less than $9.3 million.
The buyer was CenterPoint Properties Trust, the large logistics and industrial specialist.
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CenterPoint Properties CEO Bob Chapman and the warehouse at 4180 190th Street in Torrance. (GI Partners, Google Maps)
No real estate sector has been bulletproof this year but the industrial market has shown the most resilience, with the surge in online orders leading to more logistics and warehouse leases.
In Southern California, where industrial has long been a bright spot, leasing remained strong in 2020. The latest example is a lease for 93,000 square feet at a Torrance warehouse, according to the Los Angeles Business Journal.
Landlord CenterPoint Properties Trust signed marketing and fulfillment company Regan Group to the deal at 4180 190th Street, according to the report. Regan Group had been subleasing nearly 30,000 square feet at the location. The new lease commits the company to the entire building.
Real Estate Editor
A fairly new truck and trailer sales and service facility at 7401-7495 26th St. E. in Fife sold last week for a bit $25.5 million, according to Pierce County records. The buyer was CenterPoint Properties Trust, which also announced the purchase.
The seller was New Sound Transportation LLC, associated with Northwest Truck and Trailer, which assembled the over 14-acre property between 2015 and 2017 for about $7 million. Its building was developed in 2016.