December 16, 2019
Pennsylvania-based Exeter Property Group acquired a newly-constructed 1.15-million-square-foot food grade industrial dry warehouse and cooler/freezer distribution facility located at 4002 Galvin Rd. in Centralia, WA. The sale represents the largest single asset sale in the Pacific Northwest in 2019.
The project, situated on 77 acres on the I-5 “logistics corridor” between Seattle and Portland, was recently completed by O’Keefe Development as a build-to-suit for UNFI on a new, 20-year lease term. UNFI is one of the largest food distributors in the country. The property features 606,795 square feet of dry warehouse/offices and 529,000 square feet of specialized, highly-efficient and computer-controlled cooler/freezer space. Additionally, there is a trucking maintenance and fueling facility.
NKF’s Kevin Shannon, Bret Hardy, Jim Linn, Tim O’Keefe and Brad Burton represented the seller, Centralia DC, LLC. The seller and O’Keefe Development are both owned by Tom T. O’Keefe
Hardy says, “The project allowed UNFI to consolidate multiple regional facilities and more cost-effectively distribute food throughout the region.”
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