December 23, 2020
ScanlanKemperBard (SKB) formed a joint venture with an existing capital partner to acquire a 213,066-square-foot industrial property near Seattle’s Magnolia, Ballard and Interbay industrial submarkets. The Portland-based developer reportedly paid $24 million for the seven-acre property at 2331 and 2421 W Commodore Way and plans to redevelop it.
SKB’s Todd Gooding says, “This is our second investment of this type in Seattle and sixth overall since 2016. We have committed approximately $220 million to this program over the last 12 months.”
The site has served as the longtime home of window-maker Northwestern Industries (NWI), which will continue to operate there until the end of 2021.
The owner-user sale was a significant opportunity for SKB to comprehensively reposition the single-tenant manufacturing facility into a multi-tenant industrial campus. The repositioned property within close-in Seattle is intended to cater to a diverse pool of industrial users seeking versatile, functional, and institutional-quality industrial space.
For comments, questions or concerns, please contact Dennis Kaiser