SODO Urbanworks, a 177,827 square foot urban industrial business park located at 3901 1st Avenue South in Seattle, Washington, has sold for $53.45 million. The seller 4105 First Avenue South Investments, LLC was represented in the transaction by Kidder Mathews commercial real estate brokers Andy Miller and Evan Lugar. Nicola Wealth, a Canadian-based wealth management and investment firm, was the buyer.
SODO Urbanworks is located in the heart of Seattle’s SODO neighborhood, one of the most sought-after light manufacturing and last-mile distribution markets in the country, situated less than one mile from the Port of Seattle.
The property was originally constructed in 1942 and converted to a multi-tenant property in the 1980s. Its most recent renovations started in 2013, transforming the warehouse areas to accommodate wine-tasting rooms and tenants. Currently, the property is 100 percent leased to a well-diversified group, including anchor tenants Southern Wine & Spirits, Din Tai Fung, San Juan Seltzer, and IClick.
Seattle remains one of the country’s strongest industrial markets, with vacancy rates of 5.25 percent for the Puget Sound region. South Seattle, including SODO & Georgetown, is currently 4.1 percent; a five-year high for this submarket. Seattle’s economy added over 100,000 jobs in the 12 months before COVID-19 and is projected to be one of the strongest markets during the recovery.
About Kidder Mathews
Kidder Mathews is the largest independently owned commercial real estate firm on the West Coast, with 900 real estate professionals and staff in 21 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, property management, consulting, project & construction management, and debt & equity finance services for all property types. The firm performs $8 billion in transactions, manages over 70 million square feet of space, and conducts over 1,800 appraisals annually. For more information, visit kidder.com.