Walter E. Nelson Co. Buys 184 KSF Facility Near Seattle

Cleaning supplies and equipment manufacturer Walter E. Nelson Co. has acquired The Cascade Building, a 184,000-square-foot industrial facility in Bonney Lake, Wash., in a $41 million 1031 exchange. Owner-occupier Teeter sold the asset, while Wells Fargo Bank provided a $27.3 million acquisition loan, according to CommercialEdge.

Kidder Mathews facilitated the leaseback transaction on behalf of the seller. The new owner will move from its current facility in Auburn, Wash.

The 2019-completed, Class A building features 13 dock-high loading doors and two drive-in doors, as well as a 30-foot clear height and 53-by-60-foot column spacing.

The 10-acre property is at 9713 233rd Ave. E., some 42 miles from downtown Seattle and 18 miles from the Port of Tacoma, while Seattle-Tacoma International Airport is 32 miles northwest. The facility is also 20 miles from FRED310, an industrial park under construction, expected to encompass 4 million square feet upon full build-out.

The Kidder Mathews team that represented the seller included Executive Vice Presidents Matt McLennan and Kraig Heeter.

Seattle’s industrial sector shows mixed signals

According to a recent CommercialEdge industrial report, Seattle saw some $481 million in assets change hands last year for an average of $198 per square foot, well above the $129 national average. The market’s vacancy rate, however, clocked in at 5.3 percent, 70 basis points higher than the country’s average.

In July, Dermody Properties purchased Bridge Point Lacey, a 717,544-square foot industrial campus for $132.1 million. The three-building park is now rebranded as I-5 Logistics Center.

A few months earlier, Formost Fuji acquired a 65,344-square-foot facility in Everett, Wash. The 2017-completed asset changed hands for $20.1 million.