Newport Beach, Calif. and Seattle, Wash. – Bixby Land Company, a Newport Beach, California-based investor and developer, has purchased two newly built industrial buildings from Panattoni Development Company in the greater Seattle, Washington area. The $12.4 million purchase includes fully-leased buildings in the Kent Valley submarket, an active area for industrial properties.
“Seattle is a major focus for us in 2016 and going forward, both for the investment in leased industrial properties and value add office properties,” said Mike Severson, executive vice president and chief acquisitions officer at Bixby Land Company.
“These acquisitions are a natural extension of our investment activities in California, Arizona and Nevada, and we like the regional business activity spurred by the ports, added Severson. “We’re currently looking for additional industrial properties to expand our holdings in Seattle.”
Bixby purchased 14513 32nd Street East in Sumner, a 63,768-square-foot building occupied on a long-term lease with OMADA International, a supplier to the aerospace industry. The Sumner market has an industrial base of 14.4 million square feet that is 7.5 percent vacant.
Bixby also acquired 1417 West Valley Highway North in Auburn, WA, a 34,435-square-feet building leased to Tellwork Communication. The Auburn market is the second largest in the Puget Sound, with an inventory of 26.2 million square feet that is a scant 3 percent vacant.
“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 into contemporary work environments,” added Severson. “We have acquired and redesigned over 25 buildings into innovative work places for progressive companies over the past four years, and we have an active development pipeline in place for 2016.”
Brett Hartzell and Taylor Odegard of CBRE represented both parties in the transaction.