Kent industrial park sells for $260M in record-breaking deal
"We have an extremely tight market with very little inventory that investors can buy," says the developer. "This creates a frenzy when assets of this caliber hit the market."
The 823,000-square-foot Pacific Gateway Industrial development in Kent sold Thursday for $260 million, making it the biggest single-asset deal on the West Coast this year, according to the developer. Link is Blackstone's U.S. industrial arm. For comparison, Lift Partners purchased the nearby Holman Logistics distribution center for $275 per square foot in July. "We are very happy to bring such a great project to the market for the city of Kent and the commercial real estate market. This is truly a trophy asset that is irreplaceable in our region." Tenants include Blue Origin and Veritiv Corp. The six buildings share approximately 230 parking stalls. Panattoni and Link Logistics purchased the 42-acre site from The Boeing Co. for $60 million in January 2020. "This creates a frenzy when assets of this caliber hit the market." 'The quality of this development and its location is among the best industrial properties in this area.' 'Kent Valley is a thinly traded market. There are more buyers than sellers.'