Fortress Investment, a global investment management company, has purchased a 31,182-square-foot cold storage building located at 2709 Airport Way South in Seattle, Washington. They were represented in the transaction by Kidder Mathews’ Senior Vice President Matt Murray. The seller was a private capital owner.
The property is on .93 acres south of downtown Seattle. It is currently occupied by MacDonald Meat Company and is one of the very few cold storage opportunities in the Puget Sound market.
Five transactions have included cold storage components over the past 26 months. These include the Olympic Steamship facility in Kent, Rainier Market Cold Storage in SoDo, the former Dawn Foods in South Georgetown, Terminal 91 in Interbay, and the Washington Cold Storage facility in Puyallup. The SoDo and South Georgetown facilities will be repositioned from cold storage to typical industrial development. The remaining facilities utilize older cooler/freezer technology and will likely see either significant upgrades or repositioning as well. The MacDonald Meat facility is in a key location and in high demand.
“This is a trophy property in South Seattle with excellent visibility off Interstate-5. Given the lack of cold storage in the market, the location close to the downtown core, and its proximity to major highways, this acquisition will prove to be very strategic for Fortress,” said Murray.
Matt Murray and Evan Lugar of Kidder Mathews will represent Fortress in the future leasing for this property.
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.
