Bridge Development Partners, LLC has announced the sale of the Puget Sound Commerce Center to Bentall Kennedy. Newly completed in June 2017, Puget Sound Commerce Center is a 241,140 square feet (over 9.5 million cubic feet) purpose-built, state-of-the art cold storage building. This is the first cold storage facility to be completed in King County in 10 years.
The cold storage facility features 40’ clearance heights, 32 truck bays and 150 parking spaces for employees on a 14-acre site, offering the tenant considerable flexibility and operational efficiencies for both freeze and chill storage.
“There’s pent-up demand for state-of-the-art cold storage space in many markets where supply is limited,” said Brian Niven, Cold Storage Principal at Bridge Development. Bridge’s strategy, to develop warehouse facilities in supply constrained markets, once again proves to be successful, as the facility has a 15-year lease with Western Distribution Services (WDS), a Renton-based logistics, cold storage and warehouse provider, for the entire facility.
At the time of purchase, Puget Sound Commerce Center is 100% leased. The building is located in Burien, WA, residing near the Port of Seattle, one of the largest container ports on the Pacific coast, and Seattle-Tacoma International Airport.
“The Seattle market has strong demand drivers that suggest there will be sustained demand for cold storage uses, including retail and wholesale food distribution, seafood and agricultural trade,” said Steve Reents, Senior Vice President, Acquisitions and Head of Western U.S., Bentall Kennedy. “Given the underlying characteristics of this asset and the strong market conditions, Bentall Kennedy views this investment as an opportunity to generate long term, attractive returns for our investor.”
Bridge was represented in the transaction by John Huguenard of JLL Capital Markets Group. Bentall Kennedy was not represented in the transaction. Terms were not disclosed.