Jan 23, 2014

Kent building sells for $8M

Industrial Property Trust bought West Valley Distribution Center, a 97,000-square-foot building at 6858 S. 190th St. in Kent, for $7.9 million, according to a filing with the Securities and Exchange Commission. The seller is listed as West Valley Distribution Associates I LP. The building is 100 percent leased to Bassett Furniture Direct, Metropolitan Gymnastics, Allied Manufacturing and TransCold Distribution. It will be managed by Kennedy Property Management. Industrial Property Trust is a Denver-based real estate investment trust that focuses on markets near major distribution hubs with high barriers to entry.

Utah group buys Vancouver apartments

Peak Capital Partners, a Provo, Utah-based multifamily investment company, bought The Villas at Bridge Creek, 103 low income apartments at 2011 Brandt Road in Vancouver. Terms were not disclosed. The seller is a partnership between Insite Housing Partners of Seattle and Hearthstone Housing Foundation of Newport Beach, Calif. The building is 96 percent full. Peak Capital plans an exterior renovation. It owns 30 apartment buildings valued at more than $500 million.

NAIOP looks at urbanization

The Washington chapter of NAIOP will explore urbanization of the Puget Sound region and what it means for real estate at a breakfast event at 7:30 a.m. Feb. 26 in the Grand Hyatt Seattle. Dylan Simon of Colliers International will moderate a panel discussion with Martha Barkman of Mack Urban, Alison Jeffries of Red Propeller and Scott Shapiro of Eagle Rock Ventures. For more information or to register visit: http://bit.ly/KHr1UR