Bixby Takes 2 From Panattoni
Monday, February 1st 2016
SEATTLE, WA – Puget Sound industrial markets have consistently risen, leading to heightened interest in the area’s assets.
Seattle –Bixby Land Co. recently acquired a pair of Seattle-area industrial assets built by Panattoni Development Co.. Newport Beach, Calif.-based Bixby paid Panattoni $12.4 million for the facilities, which offer a combined 99,000 square feet of space. Brett Hartzell and Taylor Odegard of CBRE Group Inc. arranged the transaction on behalf of the buyer and seller.
Located at 14513 32nd St. East in Sumner, the larger asset offers a total of 63,768 square feet of space, currently fully occupied by OMADA International under a long-term lease. Vacancy in the 14.4 million-square-foot Sumner submarket stands at 7.5 percent.
Bixby’s other new asset is located at 1417 West Valley Highway North in Auburn. The 34,435-square-foot building is fully leased to Tellworks Communications. Auburn’s 26.2 million-square-foot inventory makes it Puget Sound’s second largest industrial submarket. The submarket’s 3 percent vacancy indicates heightened demand.
“The acquisition of these core assets helps balance out the value-add investing we have done throughout California, where we have been especially active in the redesign and development of primarily office properties,” said Mike Severson, Bixby’s president, in a statement.