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December 23, 2020 Comments Off on SKB Snags Industrial Portfolio in Seattle’s Magnolia-Interbay Submarket Views: 625 Seattle & Pacific Northwest News, Seattle News

SKB Snags Industrial Portfolio in Seattle’s Magnolia-Interbay Submarket

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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.

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