Previously accepted sale price - with $1.5M escrow holdback (net $5.5M)
Kidder Mathews list price
Final purchase price
Percent above list price
After a decades-long ownership of the Kentwood Industrial Park, it was time for a sale. Having self-managed the property for most of their ownership, the sellers had little exposure to recent trends in capital markets. After receiving unsolicited offers, they were ready to move forward at a sale price of approximately $7 million. Before making any final decisions, the owners sought a second opinion from Kidder Mathews and became aware that the offer would fall short of potential in the market. They engaged Kidder Mathews to conduct a full valuation and marketing process to ensure the property received top value.
The Kentwood Industrial Park, located at 20241 84th Ave S, has been a longtime staple property in the heart of Kent Valley. Strategically situated at the 50-yard line of the city of Kent and right off the East Valley Highway, the park offers flexible configurations for multiple tenants to operate. It includes a ±24,000-square-foot dock-loaded warehouse building, a small ground level shop building, and a fully functional gas station on site. The property has historically been leased to three tenants at a time.
By running a formal sale process, Kidder Mathews was able to solicit six legitimate offers, all above asking price. After a short review period, a buyer was selected and the goal of closing the sale before year-end was achieved. The sale price reflected a new record for land sale in Kent Valley, at $62.50 per square foot.
- Contract Review
- Title/escrow facilitation
- Tenant Management
- Due diligence coordination