HFF closes $11.2 million sale of 3-building industrial portfolio in Washington state
PORTLAND, OR – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $11.2 million sale of a three-building light manufacturing, flex and distribution portfolio totaling 138,296 square feet in the Seattle/Puget Sound region of Washington state.
HFF marketed the property on behalf of the seller, a partnership between ScanlanKemperBard Companies and funds managed by Oaktree Capital Management, L.P. (Oaktree). Industrial Property Trust Inc. (IPT) purchased the assets.
Located in the northern part of Kent, the portfolio consists of buildings I, III and V in the West Valley Distribution Center located at 72nd Avenue South and West Valley Highway. West Valley I & V are 100 percent leased to a diverse group of tenants spanning the manufacturing, distribution and construction industries. West Valley III is a flex facility that is currently vacant but has the potential be divided into five tenant spaces and have rail access.
The HFF investment sales team representing the seller was led by managing director Nicholas Kucha and senior real estate analyst James Childress with co-broker Wilma Warshak of Washington Real Estate Advisors.
About ScanlanKemperBard Companies
ScanlanKemperBard Companies (SKB) is an established real estate merchant banking firm based in Portland, Oregon. Since its inception in 1993, SKB has originated total portfolio activity of $3.37 billion comprised of 25.1 million square feet of office, industrial and retail space and 2,055 residential units plus hospitality in 2014. With longstanding relationships in each of our markets, SKB has the ability to source, structure and execute value creation across a wide spectrum of real estate opportunities. For more information, visit www.skbcos.com.
About Oaktree Capital Management, L.P.
Oaktree is a leader among global investment managers specializing in alternative investments, with $100 billion in assets under management as of March 31, 2015. The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in distressed debt, corporate debt (including high yield debt and senior loans), control investing, convertible securities, real estate and listed equities. Headquartered in Los Angeles, the firm has more than 900 employees and offices in 17 cities worldwide. For additional information, please visit Oaktree’s website at www.oaktreecapital.com.
About Industrial Property Trust Inc.
IPT is focused on acquiring and operating high-quality distribution warehouses that are leased to corporate customers. IPT's core strategy is to build a national platform of high-quality industrial properties by targeting markets that have high barriers to entry, proximity to a large demographic base, and/or access to major distribution hubs. IPT has operated and elected to be treated as a real estate investment trust (REIT) for U.S. federal income tax purposes, commencing with the taxable year that ended on December 31, 2013, and IPT intends to continue to operate in accordance with the requirements for qualification as a REIT.
About Washington Real Estate Advisors (WA-REA)
WA-REA is a Seattle-based leading provider of transaction and advisory services, singularly focused on the commercial and industrial sectors. The company is built upon more than 25 years of representing major corporate clients and many of the nation’s most respected institutional and private investors, providing both sales, leasing services and advisory services. For more information, please visit www.wa-rea.com.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.