Modern loading dock. Image Credit: Mark LS (CC by SA-4.0)
A warehouse site located on 3002 Lind Ave in Renton, WA was recently purchased by LBA Realty LLC for an impressive $11.3 million. The site, previously owned by Lind Ave LLC, had drawn attention from investors from far and wide. The sale is indicative of the trending value both in storage space nationwide and industrial space in the Seattle metro. Nearly two-thirds of the 81, 700 sq ft site was vacant at time of sale.
Bill Condon of Collier’s International, who acted as a leasing agent on the sale, remarked on the site as an “important asset” as institutional organizations operating in Seattle are increasing demand for “last mile” sites. The Lind Ave property has easy access to Route 167, Interstate 405, and Interstate 5, as well as proximity to SeaTac Airport. Condon cited Kent Valley as a competitive region for industrial development and distribution networks.
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