Westcore Properties Enters Seattle Market with Purchase of 303 South River Street
Low industrial vacancy and strong market dynamics prompted the firm’s move northward
SEATTLE (May 5, 2016) – Westcore Properties, an active investor in value-add industrial and office properties throughout the Western United States and beyond, has acquired the 71,718-square-foot industrial building located at 303 South River Street in Seattle from Los Angeles-based Kearny Real Estate Company for $5.8 million. This transaction marks Westcore’s entree into the Seattle market.
The River Street property, also known as the former Seattle Cold Storage building, is located between I-5 and State Route 509 with adjacent rail service and close proximity to the Port of Seattle. The building features 25-foot clear height and heavy power service.
Colliers International’s industrial report for the first quarter of 2016 pegged vacancy at 3.8 percent for the Seattle regional industrial market and the vacancy rate for properties in the Seattle Close-In submarket compresses even further.
“Between the excellent location, functional product and tight Seattle market, we expect strong tenant demand, particularly once we complete renovations,” said Peter Mette, director of acquisitions at Westcore Properties. “We look forward to delivering improved product to the Seattle industrial market and to continue acquiring properties in the Northwest.”
Major renovations will commence immediately at the now-vacant 303 South River Street building, originally constructed in 1969.
Neil Walter Company represented Kearny Real Estate Company in the transaction.