According to a report by the Puget Sound Business Journal, Cabot Properties, based in Boston, has recently acquired a two-building campus in Auburn, WA for $83 million. The property is currently home to a Tommy Bahama distribution center and is the highest-priced industrial transaction of the year so far in King County. This information was obtained from sales records cited by the Business Journal. The purchase price equates to $215 per square foot and also marks this year’s largest transaction based on square footage.
The seller of these properties is an entity affiliated with Nuveen Real Estate who originally purchased them for $20 million back in 2002. Developed by Benaroya Co., Auburn Park 167 was built in 2000.
Situated at 3703 I St NW and 3941 I St NW, this industrial park consists of two buildings totaling approximately 386,000 square feet. Building A spans over an area of about259 ,000 square feet while Building B covers around127 ,000square feet.Tommy Bahama occupies mostofBuildingA.
No details regarding brokers involved were disclosed according to sources fromtheBusinessJournal.
Photo credit: Kidder Mathews
