SOURCE: American Realty Advisors
GLENDALE, CA--(Marketwired - Mar 31, 2014) - American Realty Advisors, a leading provider of real estate investment management services for institutional investors, announced the acquisition of Rainier Park of Industry - Building 5 (RPI5), along with more than 7 acres of truck yard and storage, directly adjacent to RPI5. This strategic transaction builds on American's acquisition of the neighboring Rainier Park of Industry - Building 3 (RPI3) in December, 2013. These investments mark the third acquisition that American has completed, on behalf of its clients, in Rainier Park of Industry from different seller entities in order to form a logistics center with two buildings totaling 593,424 sf and 7+ acres of excess truck trailer and container parking.
Built in 2005, RPI5 is a 358,673 sf Class A warehouse building located along Highway 167 with close proximity to the Ports of Tacoma and Seattle, excellent freeway access and visibility, and well located within the Kent Valley. The property is a 430' deep, cross dock loaded, state-of-the-art distribution center with ample loading doors and extensive dedicated trailer parking. Currently vacant and demised into two equal units, RPI5 can be leased to one or more tenants and features 120' minimum truck depths, concrete truck aprons, 30' minimum clear height ceilings, an ESFR sprinkler system, and ample car parking.
In conjunction with the purchase of RPI5, American acquired more than 7 acres, split between a 4 acre fenced, lit, and paved yard to the south of the building and a 3 acre paved yard to the west. The additional strategic yard investments can be used for trailer, container, and/or extensive employee parking areas, and additional points of ingress/egress to improve access into the RPI5 from West Valley Highway.
American's Chairman and CEO, Stanley L. Iezman, stated, "American's decision to purchase Rainier Park of Industry - Building 5 is part of our investment strategy to target quality industrial properties in major metro markets. The acquisition of the additional 7 acres of yard and parking area was a strategic investment to enhance the value of RPI5 and RPI3 and maximize achievable market rents for our clients, by improving functionality and access to the logistics center for current and prospective tenants."
About American Realty Advisors
American is an investment advisor and a leading provider of real estate investment management services to institutional investors. With approximately $6 billion in assets under management, American has provided real estate investment management services to institutional investors for over 25 years utilizing core and value-added commingled funds and separate accounts. The firm's portfolios include office, industrial, multi-family, retail, and other properties nationwide, all of which are managed on behalf of American's clients.
More information regarding American can be found at www.americanreal.com.