EverWest Real Estate Partners, in partnership with a western U.S. state pension fund, is pleased to announce the acquisition of West Valley Distribution Center, a portfolio of three industrial buildings totaling 138,296 square feet located in the heart of the desirable Kent Valley industrial submarket.
One building is located on West Valley Highway and two buildings are located on 72nd Avenue South in Kent, WA. While the portfolio is 100% leased at acquisition, there are a few lease expirations in the portfolio over the next few years which are expected to boost property income and returns.
Ryan Madson, Managing Director with EverWest, comments, "We are very excited to announce the acquisition of this industrial portfolio located in the in-fill market of Kent. The portfolio is well positioned to be able to capitalize on the strong market conditions in the Kent Valley. We can add value as spaces roll over in the next 30 months by bringing below market leases to market. We would also like to recognize HFF investment sales team, lead by Michael Leggett, Scott Pertel and David Otis, who represented the Seller in this transaction. EverWest is also excited to be working with the leasing team of Taylor Hoff, Arie Saloman and Jeff Forsberg with NAI Puget Sound Properties. KG Investment Properties will provide property management services."