Denver, Colorado-based Prologis has been active in the Puget Sound region in recent months, and on Thursday, September 6th, the company acquired a Pepsi-owned office/warehouse building in the Mt. Baker neighborhood of Seattle for $65 million, or approximately $3,870 per square foot, according to public records filed with King County. The seller of the property was the global real estate division of New York-based PepsiCo, one of the world’s leading food and beverage companies. The transaction was recorded on September 7th.
A second quarter 2018 Seattle Industrial Real Estate Market report written by Kidder Mathews indicates that the Puget Sound region’s industrial market could be set for more activity in the months ahead. Construction volume increase to 7,004,711 square feet (across 38 buildings) now under development compared to 6.1 million square feet across 24 buildings in first quarter 2018, according to the report. Second quarter also saw the delivery of 1.36 million square feet of new product, with the overall market supply standing at almost 333 million square feet..
For the full story, go to The Registry Puget Sound Real Estate.
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