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| Lakewood 512 Business Park, Lakaewood, WA |
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| Dan Vittone |
Irvine, CA –
Avison Young, the world’s fastest-growing commercial real estate services firm,
announced today that it has completed the $9.9-million sale of Lakewood 512
Business Park, a six-building industrial/flex property totaling 136,500 square
feet (sf) in Lakewood, WA, a suburb of Tacoma.
Avison Young
Principals Dan Vittone and Alan Pekarcik, based in the company’s
Orange County office, represented the buyer, Newport Beach, CA-based WLA
Investments, Inc.
The seller
was SSC Acquisitions, Inc, an entity owned by Public Storage. The property was
83% leased at close of escrow and closed at an 8.13% cap rate.
Built in
phases from 1978 to 1981 and located at 10111 South Tacoma Way, the property
includes grade-level loading doors, ample parking, office and warehouse space
and suites ranging from 2,000 sf to 12,000 sf.
Centrally
located, the business park is easily accessible from 32nd Avenue South, South
Tacoma Way, SR-512 and I-5, and is minutes from Lakewood Towne Center, which comprises a civic center with a city
hall as its centerpiece, a power center, entertainment center and neighborhood
center.
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| Alan Pekarcik |
“This is the
buyer’s first acquisition in the state of Washington. WLA Investments’
portfolio to date comprises similar industrial product, multi-tenant office
buildings and multi-family assets in California, Colorado, Utah, Nevada and
Arizona,” comments Vittone.
“The buyer was drawn to this asset because of
the in-place yields, prominent presence on Interstate 5, and the ability to
increase yields over time, as current rents are approximately 40% below peak
levels.
" WLA intends to invest significant capital into the project and launch
an aggressive tenant outreach program in order to lease up the remaining vacant
space.”
For a complete copy of the company’s
news release, please contact:
Darcie
Giacchetto
949.278.6224
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