Morgan Stanley Affiliate Buys Fully Leased Seattle Industrial Property for $36.5M
A fully leased industrial property located in Seattle’s Magnolia neighborhood has been sold for $36.5 million. The 63,318-square-foot facility, situated at 2501 W. Commodore Way, was sold by Portland-based real estate investor, operator, and developer ScanlanKemperBard (SKB). The buyer is an entity affiliated with global investment firm Morgan Stanley, according to the Puget Sound Business Journal.
SKB originally acquired the property in 2020 as part of a broader transaction that included an adjacent three-acre parcel, making the total portfolio six acres. The purchase price for the entire site at the time was $24 million.
Located near the Ballard Locks, the property has undergone significant improvements, including a $15.8 million tenant improvement project completed in 2024. This renovation created a 17,864-square-foot facility for King County Waste. Venture Construction served as the general contractor for the upgrade. Despite an assessed value of $23.4 million, the property fetched a 56% premium over that valuation.
SKB continues to hold industrial assets in other markets, including Phoenix.
