CenterPoint caps busy Q4 Seattle activity with first Renton acquisition

CenterPoint Properties has acquired its first property in the high-image Renton, WA submarket at 811 SW Grady Way. The 39,606 SF facility covers merely 21% of the 4.39-acre property and boasts an excess yard.

The Puget Sound industrial market outlook is healthy as America’s reliance on lightning-fast retail delivery has port volumes rebounding. Submarkets in the Kent Valley like Renton, where leases are markedly more affordable than areas like South Seattle, are among the biggest beneficiaries of the heightened competition for warehouse space by e-commerce companies and distributors.

“This asset’s spacious yard component and low coverage configuration for enhanced car and trailer parking give us great flexibility to cater to a wide variety of users in the future, from port to e-commerce and even retailers,” said Bob Andrews, CenterPoint Senior Vice President of Asset Management.

The Grady Way property has over 400 feet of linear frontage on the I-405 freeway and is situated between I-5 and SR-167, two major transportation arteries that facilitate access throughout the region. Additionally, the property is 6 miles from the Seattle Tacoma Airport, 10 miles from downtown and 11 miles from the Port of Seattle.

“We’re pleased to be among the most active investors in the Seattle-area – this marks our fifth acquisition in 2020 and our 25th acquisition in the market overall. CenterPoint is now firmly cemented as one of the prominent landlords in the Seattle market,” said Evan Lippow, CenterPoint Senior Vice President of Investments. “Our arsenal of port-proximate last-mile properties is already formidable here, and our entry into the Renton submarket affirms our commitment to our infill strategy,” Lippow finished.

Peter Wooding and Chris Corr of Kidder Mathews brokered this off-market transaction.