Dalfen Industrial, a leading purchaser of industrial real estate in the US, has acquired a distinctive industrial property located at 214 21st Street SE in Auburn, Washington for $5.225 million. The seller was a private owner and the transaction was facilitated by Kidder Mathews Executive Vice President Matt McLennan, SIOR, CCIM who will also serve as the leasing agent for the property.
This unique property offers an ideal combination of office space, warehouse facilities and outdoor storage yards – making it highly sought after in Kent Valley; one of Puget Sound’s top industrial markets. It boasts 26,920 rentable square feet situated on 2.15 acres of land.
The current tenant holds three years remaining on their lease at a rate that is significantly below market value (58%). According to McLennan: “There is strong demand for strategically located industrial properties which continues to drive robust activity in this sector.” He further adds that limited inventory coupled with challenging investment conditions make deals like these hard to come by; however,the seller’s willingness to finance helped overcome these obstacles.
The article titled “Rare Industrial Property Sells for Over $5M” originally appeared on Connect CRE.
