CBRE Arranges Sale of Renton Logistics Center in North Kent Valley, WA

CBRE announced the sale of Renton Logistics Center, a 459,349-sq.-ft. Class A industrial building in Renton, Washington, to an institutional buyer.

Brett Hartzell and Paige Morgan with CBRE National Partners in the Pacific Northwest represented the seller, Clarion Partners, in the transaction.

A rare offering of scale in the Kent Valley, this highly functional cross-dock facility was built in 1996 and has a 30-ft. clear height, 75 dock-high doors, trailer parking, heavy power along with upgrades to ESFR and energy efficient lighting. It is fully leased to three quality tenants: Graybar, Swire Coca-Cola and Sealed Air.

Renton Logistics is located at 2501 East Valley Road in Renton, less than 5 minutes from Interstate 405, adjacent to State Route 167, 22 minutes south of downtown Seattle, and equidistant from the Ports of Tacoma and Seattle.

“We are pleased to see continued liquidity for prime real estate despite the challenging market conditions. Renton Logistics Center is an incredible asset located within the heart of the Kent Valley, one of the best industrial submarkets in the country and a market that continues to see persistent rent growth. We are very pleased to have partnered with the Clarion team on this sale,” said Mr. Hartzell, vice chairman, CBRE.

Tenant demand outpacing supply pushed industrial vacancy rates lower in the Puget Sound region at the end of the third quarter, according to CBRE research. Vacancy dipped to 4.2% for the region and is even lower in the Renton industrial district (just 3.2%). Industrial investment sales picked up in the third quarter, totaling $913 million—nearly double the second-quarter’s volume of $469 million.