By Kate Snyder
An industrial property in Kent has traded hands recently, according to King County public records. The property was purchased for $70.9 million, or approximately $233 per square foot. The buyer was an entity affiliated with Bridge Industrial, and the seller was an entity affiliated with Morgan Stanley.
Located at 6838 and 7024 S 234th St., the property consists of two buildings that span 178,400 square feet and 125,440 square feet for a total of 303,840 square feet, according to King County records. Most of the space is warehouse uses.
Bridge Industrial is a private equity real estate operating company and investment management platform that is active in the core industrial markets throughout the country, according to the firm’s website. It has been active in the Puget Sound region for several years.
Last year, Bridge Industrial acquired the 13-acre former Malarco Aluminum property in Kent for $8.5 million. The property, which has been under the ownership of a California-based family trust since at least 2001, includes a 45,000 square foot building that will be demolished as part of Bridge’s development plans, according to a report from the Puget Sound Business Journal. The company planned to construct a cutting-edge industrial facility named Bridge Point Kent 180, covering 180,000 square feet. The facility will boast features such as 36-foot clear heights, 27 dock-high doors, 12 trailer parking spots and 219 vehicle parking spots.
The firm also has a construction project in Tacoma, named Bridge Point Tacoma, that is a 2.48 million-square foot Class-A logistics park situated on a 136-acre site off of Interstate 5, six miles from the Port of Tacoma. Bridge Point Tacoma will consist of three cross-docked warehouse and distribution buildings ranging in size from 520,000 to 960,000 square feet along with a 335,000-square-foot, rear-load warehouse building. Each will be built to Class-A specifications and feature 40-foot clear heights, 130-foot trailer court depths, ample dock high doors and trailer parking.