SEATTLE, WA (Dec. 20, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Matt McGregor (middle left photo), senior vice president, Industrial Group, Bill Condon (middle right photo), executive vice president, managing director, and Andrew Hitchcock (lower left photo), vice president, Industrial Group, represented MRS Investments in its purchase of Cedar River Corporate Park (top left photo) in Renton and the Lincoln Distribution Center (top right photo) in Kent for a combined total of $37.9 million.
“Each of these acquisitions presented a strong investment opportunity for our client for a number of reasons, including their excellent locations near major thoroughfares,” said McGregor.
“Additionally, Cedar River Corporate Park is a brand new building and the only LEED-certified property of its kind in the Puget Sound, creating a unique competitive advantage. Lincoln Distribution Center is fully leased and functions very well with a possible value-add prospect.”
Purchased for $27 million, the newly constructed Class A business park holds the silver LEED certification from the U.S. Green Building Council.
It is situated within close proximity to Interstate 405 and Highway 167.
John Gilliland, John Sullivan and Charlie Farra of CB Richard Ellis represented the seller, Tarragon LLC, in the transaction.
Located at 5808 S. 196th St., the Lincoln Distribution Center is a 170,000-square-foot warehouse/distribution building that was purchased for $10.9 million.
The property was 100 percent leased at the time of sale to multiple tenants, including Pacific Power Generation and Certified Folder Display Inc. The property is situated within close proximity to Interstate 5 and State Route 181. Richard Peterson of NAI Puget Sound Properties represented the seller, Lincoln Center LLC, in the sale.
Contact: Julia McCartney, Phone:714.975.2230
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