Seattle Metro Industrial Asset Sells for $33.75 Million
KIRKLAND, Wash., Feb. 26, 2021 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Parmac Industrial Park, a 126,721-square-foot industrial asset in Kirkland, Washington. The $33.75 million sales price equates to $266 per square foot.
“We received multiple offers and closed all-cash following a 49-day escrow,” said Leroy Lutu, senior associate in Marcus & Millichap’s Seattle office. “A strong economy and one of the largest ports on the West Coast have made the Seattle-Tacoma-Bellevue industrial property market one of the nation’s most active during the past several years. High demand for logistics space is putting strong upward pressure on the value of well-located industrial properties and the small number of new industrial developments delivered into the Kirkland submarket in the last decade has resulted in a strong rent growth.” Lutu represented the sellers, an investment group that had owned the property for more than 30 years, and procured the buyer, Terreno Realty.
Located at 10822-10858 117th PL NE, the property was 100% occupied at close of escrow by a diverse mix of wholesalers, distributors, and sports/recreational tenants. A seven-acre lot with future expansion potential was included in the sale.
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About Marcus & Millichap (NYSE: MMI)
With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.