Written by Kate Snyder
Industrial land in Kent is on the market, showing that the region continues to be an attractive market in the Puget Sound region. The property, a warehouse structure with some office space, was sold by an affiliate of IDS Real Estate Group for $23.7 million, or about $251 per square foot, according to King County public records.
The buyers are Pisco Capital Investments LLC and Stark Capital Investments LLC, both owned by Walt Pisco, CEO of Seattle-based engine distributor Cascade Engine Center. Pisco Capital acquired a 77% tenant in Common Interest and Stark Capital acquired a 23% tenant in Common Interest.
The 94,225-square-foot building, located at 22220 68th Ave. S, is positioned to serve a geographic range as far north as Vancouver and as far south as Northern California, according to a LinkedIn post from IDS Real Estate. It is centrally located between Washington's two major deep-water ports, the Port of Tacoma and the Port of Seattle. The building includes his 8,323 square feet of office space and was constructed in 1996, according to property records.
IDS Real Estate Group is a Los Angeles-based real estate investment, development, and management company founded in 1986. The company has a managed portfolio of approximately 35 million square feet and long-term relationships with more than 50 customers, according to its website. And a partner. The company also develops more than $2 billion in projects and manages $75 million annually in tenant improvements and renovations.
The company originally acquired the Kent warehouse property in 2019 for $17.8 million, or about $189 per square foot, according to King County records.
The Kent area has seen several sales transactions related to industrial real estate over the past year.
Most recently, Dalfen Industrial, one of the nation's largest buyers of industrial real estate, purchased a building in Kent Valley for $5.2 million, or about $193 per square foot. Located at 214 21st Street SE in Auburn, the property is a blend of office, industrial warehouse, and outdoor storage yard space. The property has a total of 26,920 sqft leasable space on a lot of 2.15 acres. The seller was a private owner.
