33,000 SF Value-Add Industrial Outdoor Storage
- Acquired December 2020.
- 3-Building Class B industrial property totaling 33,000 SF on 0.91-acres. Property was purchased off-market from current foundry owner NW Castings with short-term leaseback.
- Leased in escrow to bus transit service provider TransWest as part of adjacent REDCO 4.56-acre asset at 60 S Spokane. The tenant plans to use the existing structures after selective rehab that is underway and connect to rear yard of 60 S Spokane.
- Built in 1918, the property benefits from heavy timber interior construction with 24-40 ft clear height clearspan warehouse, multiple 10-ton cranes and above market power service of 3500 amps / 3-phase. The property loads off of 3 sides including REDCOs adjacent property 4.56-acre site at 60 S Spokane and has retail like visibility along First Ave S and West Seattle bridge. Additionally, zoned IG1-85 currently allows for development today up to 85 feet providing long-term upside with the 60 S Spokane asset.
- Located within SODO submarket within City of Seattle just north of the West Seattle bridge and close proximity to I-99 & I-5, Port of Seattle and downtown Seattle. Long-term the site is well positioned for continued last mile delivery or redevelopment opportunities.