Prologis purchases 62-acre site on the Tukwila/Seattle border

  • Monday, December 5, 2016 12:43pm
  • Business

Prologis Inc., a San Francisco, Calif., based logistics real estate company, has acquired a 62-acre multi-building site on the Tukwila/Seattle border.

The mixed-use campus, on South Norfolk Street south of Boeing Field, consists of more than 963,000 square feet – including a warehouse, a cold storage facility, a retail facility and a standalone office building. The property is currently leased and occupied.

Prologis purchased the property from former Seattle Sonics minority Dave Sabey. Prologis declined to release the purchase price.

The site allows for future redevelopment optionality and flexible site planning, according to a media release from San Francisco, Calif., based Prologis.

“This acquisition is in line with our strategy of investing in assets in the most strategic locations and ensuring we remain poised to deliver the most competitive and flexible solutions to our customers,” Dan Letter, managing director of capital deployment for Prologis’ Northwest Region, said in the release. “Our experience in the Seattle market is unparalleled, and we look forward to offering this property and potential redevelopment to local customers in the near future.”

Prologis is the largest institutional owner in south Seattle and has purchased 11 assets in the submarket in the past two years. The company owns properties in Kent, Renton and SeaTac.

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