An industrial property has traded hands in Kent, showing that the region continues to draw investors to its offerings. The buyer was Davis Property & Investment, which purchased the site, called the Central Commerce Center, for $11.4 million, or approximately $180 per square foot, according to King County public records. The seller was an entity affiliated with Aulukista LLC.
Located at multiple addresses along Central Avenue South and the intersection with 259th St., Central Commerce Center spans about 63,000 square feet and comprises four fully leased industrial buildings constructed between 2000 and 2001. This strategically positioned asset has high visibility, excellent freeway access, ample parking and proximity to numerous walkable amenities.
“Davis Property & Investment is pleased to add Central Commerce Center to our portfolio,” said Jeff Davis in a post on LinkedIn, “This acquisition underscores our commitment to strategic growth in the Puget Sound market. With our proven track record in development and asset management, DPI is well-positioned to enhance the value of this property.”
Brian Bruininks and Shane Mahvi of Andover Company represented the seller in this transaction.
Founded in 1997, Davis Property & Investment is a locally owned and operated commercial real estate company specializing in the development and management of industrial and office real estate throughout Washington and Oregon, according to the firm’s website.
Kent Valley, one of the Puget Sound region’s top industrial markets, has seen multiple sales transactions involving warehouse and manufacturing properties in recent months.
Earlier this year, a warehouse in Kent traded hands for $11.7 million, or approximately $250 per square foot, according to King County public records. The buyer was an entity affiliated with Cedar Sky Ventures LLC, and the seller was an entity affiliated with Sagard Real Estate. Located at 5858 S 194th St., the one-story property is positioned on 2.4 acres of land and spans 46,742 square feet, according to a former listing from LoopNet. The building was constructed in 2008 and includes three dock-high doors as well as six drive in/grade-level doors. Automatic Products Co. and Three Sigma Manufacturing both have addresses at the site.
