Seattle, WA

CBRE Arranges Sale of Four Gayteway Business Park Buildings for $70.6 Million

June 4, 2024

Exterior of Gayteway Business Park entrance

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CBRE announced the sale of Gayteway Business Park buildings B, C, F, and G to EQT Exeter for $70.6 million. The four Class A industrial buildings total 365,000 sq. ft. and sit on 22.3 acres in Arlington, WA.

CBRE National Partners’ Brett Hartzell and Paige Morgan represented Chris Gayte and Brent Nicholson of Gayteway Business Park. Local market expert, Al Hodge of Broderick Group, assisted on the transaction.

“This transaction is indicative of a positive trajectory for capital markets, particularly in the industrial and logistics space,” said Mr. Hartzell. “Despite economic headwinds, well-built and located industrial buildings in the North End market are attracting institutional capital at notable levels.”

Located at 20101 and 19927 67th Avenue Northeast, the fully leased, state-of-the-art Gayteway Business Park provides diversified rent income with high-quality tenants. The buildings offer dock-high and grade-level loading, concrete truck courts, 24’-30’ clear heights, abundant parking, and ESFR sprinklers.

Close to skilled labor, I-5, and less than an hour north of downtown Seattle, Gayteway Business Park’s Northend Seattle location has attracted local distributors, wholesalers, and manufacturing tenants.

“Thanks to CBRE’s strategic approach, we secured a well-positioned buyer who truly appreciates the value of this asset,” said Chris Gayte, Managing Partner of Gayteway Business Park.

According to CBRE Research, land scarcity in Everett, WA and Marysville, WA is shifting development north along I-5. Strong demand is being driven by the robust advanced manufacturing and aerospace industries in the area. The Northern Snohomish County industrial market has doubled in size since 2019 and saw the second-highest net absorption of any market in Seattle over the last 12 months.

About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2024 revenue). The company has more than 140,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.