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August 25, 2022

CenterPoint explains Kent deal

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As the DJC reported this week, CenterPoint Properties Trust just paid $14.2 million for an old and relatively small industrial building at 913 Central Ave. S. in Kent. The land, with about 4.5 acres, seemed to hold the real value. Now CenterPoint has explained the deal in a press release. Turns out, it's immediately north of a roughly 6-acre truck yard it purchased back in 2016; thus the recent sale represents an assemblage of nearly 11 acres. There are no imminent building plans. CenterPoint's Evan Lippow said in a statement, “CenterPoint will continue to prioritize assemblage opportunities in the nation's premier infill industrial markets, where there is consistent leasing demand for low-coverage real estate and high barriers to entry for future development.” Jim Honan of Neil Walter Co. brokered the recent sale, and is representing the former Thermo King building, which offers 19,744, and the ample yard space.




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