Centerpoint acquires infill 19-acre asset in Greater Seattle

Oak Brook, IL – CenterPoint Properties announced the acquisition of a 19.35-acre site, with a 98,351-square-foot building, at 7400 45th Street, Court E in Fife, Washington. With close proximity to the Ports of Tacoma and Seattle, Interstate 5, Highway 167, this asset is strategically situated to maximize the fluid transportation of goods in and around the greater Seattle and Tacoma metropolitan areas.

“This asset is emblematic of our continued focus of investing in high throughput assets,” says Greg Pearson, CenterPoint Vice President of Investments. “This particular transload configuration is strategically at the crossroads of both port and last-mile users,” said Pearson. 

The cross-dock facility, with 150’ depth, facilitates optimized load matching to further maximize the flow of goods. The building features 92 dock-high doors, 24’ clear-height and only 13.26% coverage. Competitively, the property is one of four cross-docks with a parking ratio greater than two (2) stalls per dock-high door in Seattle/Tacoma. 

“The value lies with the entitlement,” said Ryan Dunlap, Senior Vice President of Investments at CenterPoint. “The asset’s combination of coverage and dock-high positions will prove to be hard to replicate in the coastal tier one markets,” said Dunlap. 

To date, CenterPoint has acquired 16 buildings in the greater Seattle area, representing more than 3 Million-square feet respectively. In addition to 7400 45th Street, the most recent transactions include:

• 7650 South 228th Street, Kent, WA
  
• 1614 & 1620 Lincoln Avenue, Tacoma, WA
  
• 1906-1916 E. Marc Street, Tacoma, WA
  

In the acquisition of 7400 45th Street, the seller was represented by Sean Durkin and Zane Shiras of Lee & Associates. The property will be occupied by American Fast Freight following the close of escrow.