Sagard Real Estate announced it has acquired a 162,400-square-foot industrial distribution facility in Auburn, Washington, expanding its U.S. industrial portfolio in the Pacific Northwest through a core-plus investment.
The firm said the property is leased to a national third-party logistics provider and sits on approximately 8.8 acres in the Auburn submarket, one of the larger industrial markets in the Seattle metropolitan area. Sagard highlighted building attributes including 24-foot clear heights, ESFR sprinklers, multiple points of ingress and egress, and excess trailer yard and parking capacity.
Sagard said the facility’s infill location provides access to State Route 167 and regional connectivity to Seattle, Bellevue, Tacoma, and the Ports of Seattle and Tacoma. Built in 1987, the property is designed for high-volume distribution and logistics use and offers flexibility for operational enhancements, according to the firm.
Sagard said it plans to execute select capital improvements aimed at enhancing long-term value and cited embedded mark-to-market potential as part of the investment thesis. The acquisition follows the firm’s recent Pacific Northwest purchases in Lake Stevens, Washington and Lake Oswego, Oregon.
KEY QUOTE:
“This acquisition demonstrates our strategy of targeting well-located, functional industrial assets at an attractive basis in supply-constrained markets. The property’s strong fundamentals, combined with embedded mark-to-market potential and a desirable infill location, position it well for performance over the medium and long term.”
Tom Stover, Managing Director of Acquisitions, Sagard Real Estate
