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In Seattle, Graystone buys industrial park from Trammell.

In Seattle, Graystone buys industrial park from Trammell

Greystone Realty Corporation has acquired a 100 percent interest in a new, nine-building industrial park located in the Seattle, Washington, metropolitan area on behalf of New York Life Insurance Company.

Kent East Corporate Park, a 803,544 square-foot complex which is in the final stages of completion, was acquired from its developer, the Trammell Crow Company of Seattle, which will continue to provide leasing and property management services for the project.

Phase I of the property is 100 percent leased and was completed in mid-summer 1991; pre-leasing activity has been very significant for Phase II, which is scheduled to open in late fall.

Located 17 miles south of downtown Seattle in the Green River Valley, Kent East Corporate Park fronts the East Valley Highway, between 212th and 218th Streets in the City of Kent.

Of the nine buildings in the complex, seven are traditional bulk distribution warehouses; the two other buildings are zoned as retail properties and are intended for warehouse/showroom use.

"The strong demand for space at Kent East Corporate Park reflects the vitality of the Seattle/Tacoma market for industrial/ warehouse space," noted Donald E. Conover, president and CEO of Greystone Realty Corporation.

Leases have been signed with a manufacturer of commercial and military aircraft; a manufacturer and wholesale distributor of packaging material; a producer and wholesale distributor of spices and other food seasonings; and a manufacturer and distributor of athletic sportswear and footwear.

Other tenants include a manufacturer and distributor of wholesale gourmet desserts; and a regional manufacturer and distributor of soft drinks; a national office furniture manufacturer and distributor; a national auto parts distributor; and a regional restaurant supply wholesaler and distributor.

Kent Valley is the major area of warehouse concentration in Seattle due to its proximity to the region's airports and seaports, observes Conover. Kent East Corporate Park is seven miles from the Seattle/Tacoma International Airport, and about 18 miles from both the Seattle and Tacoma seaports.
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Title Annotation:Greystone Realty Corp., Trammell Crow Co.
Publication:Real Estate Weekly
Article Type:Brief Article
Date:Oct 9, 1991
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