Utility Trailer Sales of Washington purchased an 8.13-acre industrial site at 4707 20th Street East, directly along I-5 in Fife. Kidder Mathews Senior Vice President Matt Murray exclusively represented Utility Trailer (MK Holdings, LLC) in the $12.5 million sale, which closed this week.
“This is one of the few development sites of its size along the I-5 Corridor between the Ports of Seattle and Tacoma,” said Murray. “It will be a great location for Utility Trailer Sales of Washington’s business, with visibility on a major highway and enough size to accommodate their growing company.”
The property will be developed into a state-of-the-art low coverage facility over the next few years while Utility Trailer is leasing back its facility in Auburn. In December 2021, Kidder Mathews assisted the company in acquiring the Fife property to grow its business while conducting a sale/leaseback of its Auburn location at 904 West Main. Murray and Executive Vice President Matt McLennan represented Utility Trailer in the transaction, which closed at record land pricing for the submarket — $71.18 per square foot and a record low cap rate of 3.65%. New York City-based private equity firm Fortress Investment Group purchased the 9-acre property for $22 million.
About Kidder Mathews
Kidder Mathews is the largest independent 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, asset services, consulting, project and construction management, and debt & equity finance services for all property types. The firm performs $10.9 billion in transactions, manages 62 million square feet of space, and conducts over 2,600 appraisals annually. For more information, visit kidder.com.