Realterm, an Annapolis, Maryland-based global investment manager focused on the transportation industry, recently purchased a truck terminal and property in Kent for $12 million.
The 5.1-acre industrial property, 7226 S. 262nd St., features a 44-door building with an 11,031-square-foot truck terminal and a 7,200-square-foot office and a standalone 2,400-square-foot maintenance shop, according to a Sept. 29 press release from Realterm, which acquires, develops, finances and manages differentiated real estate and infrastructure assets serving land, air, sea and rail networks across the world. The facility also offers ample on-site parking for truck trailers.
Realterm purchased the property Sept. 17 for $12 million from ABF, Inc., an Arkansas corporation that did business as Transport Realty, Inc., according to King County property records.
Realterm acquired the property with the intention to secure a new tenant, according to a company spokesperson. No company is currently in the facility.
“This marks our 13th property in the Seattle-Tacoma market, demonstrating our continued commitment to one of the West Coast’s premium logistics corridors,” said Isaac Lau, Realterm vice president of Investments, West Region. “The terminal’s 44-door capacity, integrated office space, and on-site maintenance facilities create an ideal operational platform for logistics tenants.”
The site offers proximity to State Route 167 and Interstate 5 allowing for easy access to the entire Kent Valley, Tacoma and Seattle areas, according to the company. Major transportation hubs including Sea-Tac Airport, the Port of Seattle and the Port of Tacoma are all within a 25-minute drive.
“This acquisition reinforces our core investment focus of securing and operating transportation-advantaged assets in top-tier logistics markets,” said Stephen Panos, Realterm managing director and senior fund manager. “Adding this terminal strengthens our portfolio concentration in markets that are optimally positioned to serve the broad geographic region from Vancouver, B.C. to Northern California creating lasting value for occupiers.”
Realterm currently manages over 400 investments totaling in excess of $13 billion in assets under management on behalf of global investors.
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