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December 1, 2016

Prologis pays $136M for 62-acre property

San Francisco-based industrial developer Prologis announced on Wednesday that it acquired a 62-acre site south of Boeing Field in Seattle.

The sales price was $136 million, according to public records. With tax, the total was $138.4 million.

Sabey Corp. was the seller.

The site is bounded by Airport Way South, South Boeing Access Road, East Marginal Way South and South Norfolk Street.

Prologis said in a statement that it sees the property as a potential redevelopment site.

The property currently has a warehouse, cold-storage facility, an office building and a retail building, for a total of total of 963,000 square feet.

“This acquisition is in line with our strategy of investing in assets in the most strategic locations and ensuring we remain poised to deliver the most competitive and flexible solutions to our customers,” said Dan Letter, managing director of capital deployment for Prologis' Northwest region, in a statement.

Letter was not immediately available yesterday to speak with the DJC.

Prologis says it's the largest institutional owner in South Seattle and that it has purchased 11 properties in the submarket over the past two years.

The company focuses on “high-barrier, high-growth” markets like Seattle, where there's little available warehouse space.

A Colliers International third-quarter 2016 report notes that “industrial developers are moving forward on speculative projects throughout the region to capitalize on this mismatch between industrial supply and demand.”

Prologis has previously filed plans to build a pair of three-story warehouses at 6050 E. Marginal Way S. in Georgetown that would have a parking structure to allow upper-level loading bays. The complex would total around 801,900 square feet.

The company also filed plans this year to build a four-story, 196,500-square-foot warehouse, manufacturing and research building at 646 S. Holgate St. in Sodo.

JLL said in an analysis of the Southend industrial market that vacancy is now down to 2.5 percent, with e-commerce, third-party logistics, and food and beverage tenants driving demand.




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