CenterPoint purchases port-proximate Seattle distribution facility

CenterPoint Properties has announced it has acquired a facility at 365-369 Upland Drive, in the highly rated Tukwila, WA, submarket.

The 57,107 SF, 2.41-acre property features above-market, secure parking and a 100’ truck court. The building has an 11,509 SF office, 24’ clear-height, six dock-high doors and two drive-in doors. The facility’s amenities and its immediate access to the attractive consumer base in the Seattle/Bellevue and Kent Valley areas made it an ideal target for CenterPoint.

“Tukwila is a natural relief valve for South Seattle,” said Greg Pearson, CenterPoint Vice President of Investments. “It is a compelling narrative when tenants realize locating five miles south from Seattle can lower their occupancy cost by as much as 50%,” finished Pearson.

Competition among companies searching for faster shipping speed to cater to Seattle’s lucrative consumer population is driving high demand for premium industrial space and surging port volumes. Tukwila is an affordable alternative to the pricier South Seattle submarket while still offering premier access to critical regional and international transportation arteries. In addition to immediate access to the I-5 and I-405 freeways, the Upland Drive site is just 12 miles from the Port of Seattle and four miles from Seattle-Tacoma International Airport and Tukwila’s BNSF terminal.

“This is a highly amenitized corridor that will continue to project a corporate image,” said Ryan Dunlap, CenterPoint Senior Vice President of Investments.

Chris Corr of Kidder Mathews brokered the off-market sale-leaseback transaction.