Bridge Development Partners, LLC, Chicago, sold the Puget Sound Commerce Center to Bentall Kennedy, Canada. Newly completed in June, Puget Sound Commerce Center is a 241,140-square-foot, purpose-built, state-of-the art cold storage building, said to be the first to be completed in the Seattle, Wash., area in 10 years.
The cold storage facility features 40-foot clearance heights, 32 truck bays and 150 parking spaces for employees on a 14-acre site, offering considerable flexibility and operational efficiencies for both freeze and chill storage.
“There’s pent-up demand for state-of-the-art cold storage space in many markets where supply is limited,” says Brian Niven, cold storage principal at Bridge Development.
The building is located in Burien, Wash., near the Port of Seattle and Seattle-Tacoma International Airport.
“The Seattle market has strong demand drivers that suggest there will be sustained demand for cold storage uses, including retail and wholesale food distribution, seafood and agricultural trade,” says Steve Reents, senior vice president, acquisitions and head of Western U.S., Bentall Kennedy. “Given the underlying characteristics of this asset and the strong market conditions, Bentall Kennedy views this investment as an opportunity to generate long-term, attractive returns for our investor.”