New EverWest Industrial Buy Continues Bullish Strategy In Seattle
September 9, 2020
Denver-based EverWest Real Estate Investors has completed its second Seattle-area industrial acquisition this month with the $7.95 million sale-leaseback of 1414 S. Director Street. Totaling 33,728 square feet, the infill industrial building sits directly east of King County International Airport and is less than nine miles from the Port of Seattle, downtown Seattle and Seattle-Tacoma International Airport.
EverWest Managing Director Ryan Madson represented EverWest in the transaction. Patrick Mullin and Scott Alan of Cushman & Wakefield represented the Director Street building seller and primary tenant, QA Upholstery.
“The sale-leaseback structure allows the building’s tenants – QA Upholstery and Ubrofloor Products – to remain in the building, providing convenience for their operations while adding value and stability to a strategic new EverWest asset,” said Madson.
The Director Street building is EverWest’s second acquisition this month in greater Seattle. The first occurred in early August with the $29.5 million purchase of 851 SW 34th St. The 164,332-square-foot industrial building is located in Renton, just south of Seattle and minutes from Interstates 5 and 405, and State Route 167.
Together, the acquisitions bring EverWest’s Pacific Northwest industrial presence to more than one-half million square feet, including assets in Renton, Kent and Auburn, Washington. They also mark EverWest’s fourth and fifth notable U.S. industrial buys in the past four months, including assets in metro Denver, the Inland Empire and the company’s market entry in Nashville.
About EverWest Real Estate Investors LLC
EverWest Real Estate Investors, LLC, a wholly owned subsidiary of GWL Realty Advisors, is a Denver, Colorado-based real estate investment manager and operator who invests in equity and structured finance investments across core, value add, development and opportunistic strategies in office, industrial and multi-family property types. EverWest Real Estate Investors serves a variety of clients that include major institutional investment managers, pension plans, foundations, endowments and high-net-worth individuals. EverWest Real Estate Investors provides a full-service investment management operating platform through its five regional offices with established acquisition, asset management, property management, financing, operations and reporting capabilities to its clients. EverWest Real Estate Investors has regional offices in Charlotte, New York, San Francisco and Los Angeles. For more information, please go to www.EverWest.com.