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California real estate group buys over 70 acres of Kent Valley land from Boeing
The IDS Real Estate Group and Clarion Partners have purchased more than 70 acres of land for warehouses in the Kent Valley from The Boeing Co.
The space, adjacent to the Boeing Kent Space Center building, north of South 212th Street and west of the West Valley Highway, is scheduled for construction beginning this spring.
"It's a pretty major transaction and a real vote of confidence in our economy," said Ben Wolters, city economic and community development director. "We're pretty pleased with the news."
The first phase of construction consists of two warehouse buildings, one 318,000 square feet and the other 120,000 square feet. The rest of the space will be built-to-suit once tenant interest has been verified.
In the last few years, vacancy rates in the Kent Valley have been pushed down to about 6 percent, attributed to its proximity to multiple highways and Sea-Tac Airport.