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December 2, 2015

Segale's Tukwila site sells for $203M

By JOURNAL STAFF

TUKWILA — An entity related to a Clarion Partners industrial fund paid $202.8 million for 73.5 acres of industrial land and buildings about a mile south of Westfield Southcenter Mall in Tukwila.

The seller is an entity related to Segale Properties, a Tukwila-based developer and major land owner in the area.

A Segale Properties entity signed a long-term agreement in 2009 to develop 512 acres owned or controlled by Mario Segale near where the city planned to extend Southcenter Parkway. The city helped build the road extension and other infrastructure to support Segale's plans.

Tukwila's Economic Development Administrator Derek Speck said in 2012 the overall development could create 20,000 jobs, 10 million square feet of buildings and 2,000 housing units over 25 years.

Clarion purchased only a portion of Segale's holdings in the area.

Speck and representatives of Clarion did not return phone calls requesting comment.




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