EverWest Snaps Up WA Industrial Portfolio
The firm acquired a three-building package near Seattle, in a joint venture with a Colorado-based investment fund. The properties, which total 286,472 square feet, are fully occupied by global packaging company ProAmpac.
By Holly Dutton
ProAmpac’s Auburn campus
EverWest Real Estate Investors and a Colorado-based investment fund partnered in a deal to purchase a three-building industrial portfolio in Auburn, Wash. The buildings offer a total of 286,472 square feet and are fully occupied by global packaging company ProAmpac, which has agreed to assign its purchase option to EverWest in exchange for a 15-year long-term sale-lease back agreement.
The lease will allow ProAmpac to maintain 100 percent occupancy at the campus, where it has occupied all three buildings since their completion between 1981 and 2003. The campus serves as ProAmpac’s main production and distribution facility on the West Coast.
The properties are located at 701 A St. NW, 701 A St. NE and 713 A St. NE in the Kent Valley submarket, which is about 30 minutes south of Seattle. The ProAmpac campus is situated minutes from Interstate 5 and Highways 167 and 18, 13 miles from the Port of Tacoma and 29 miles from the Port of Seattle.
“In purchasing this campus, we’re walking into a very attractive investment opportunity alongside an extremely stable tenant, in an area where extremely tight vacancies and very strong long-term market fundamentals make this one of the most desirable industrial real estate investment locations in the Northwest,” said EverWest Managing Director Ryan Madson, in a prepared statement. “It’s a scenario that benefits all parties, and we’re pleased to be a part of it.”
Madson directed the ProAmpac property acquisition on behalf of EverWest. Tony Kusak, Jack Keenan, Mike Sessa and Jason West of Cushman & Wakefield represented the tenant, ProAmpac, and led the sale-leaseback disposition process. Taylor Hoff with NAI Puget Sound Properties represented the previous landlord, Gates, Gates, Gates LLC.
Making moves
EverWest owns two additional industrial buildings in the Kent Valley submarket: The three-building, 138,296-square-foot West Valley Distribution Center portfolio (acquired in late 2017), and new 42,982-square-foot industrial building (completed in late 2017) at 7011 S. 182nd St.
Last month, in a $43 million deal, EverWest acquired DMcp, a newly renovated, Class A creative office project in San Diego.
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