Gamble in Kent Valley Pays Off
The 441,358 SF state-of-the art Sumner Distribution Center was the first of what would be an avalanche of new industrial construction. Benaroya sold the property to Industrial Income Trust of Denver upon completion. The General Services Administration leased the entire facility - it was the largest industrial lease in 2013.
“I have completed many transactions with The Benaroya Company and I have complete trust working with them on any size transaction on a hand shake agreement,” said Arie Salomon, Principal, NAI Puget Sound Properties.
In mid-2012 Industrial Income Trust made a significant gamble on the Kent Valley market. They, along with their marketing team from NAI Puget Sound Properties, were convinced that the first new generation Class A industrial building to the market would be the first to lease as we came out of the economic downturn. At the time, there had been a 5-year hold on any new industrial development in the Puget Sound region. We entitled, designed, permitted and began site work on the first industrial project to come out of the ground after that five year dearth of new product.
