CenterPoint Properties, an industrial real estate management company that owns warehouses and distribution sites across the Puget Sound, acquired its first Renton facility at the end of 2020.
The facility on 811 SW Grady Way includes a nearly 40,000-square-foot building that only covers about 20 percent of the 4.39-acre property, according to the CenterPoint website.
Sites with excess yard space for parking are “extremely valuable” in the current industrial real estate market and are often the kind of facilities that e-commerce tenants target, said Evan Lippow, senior vice president of investments at CenterPoint Properties.
CenterPoint’s website also boasted the strategic value of the location, noting its close proximity to I-405, SR-167 and I-5, as well as it being located within 11 miles of both the Port of Seattle and Sea-Tac Airport.
According to a U.S. Census Bureau quarterly report from November 2020, e-commerce sales in the second and third quarters of 2020 were up by 44 percent and 36 percent when compared to the same quarters from the year before.
Lippow said that while a boost to e-commerce amid the pandemic was a factor that encouraged the company to invest in the Grady Way site in Renton, his company has been targeting real estate that appeals to e-commerce distributors for over a decade.
CenterPoint owns 25 industrial properties in the Puget Sound Region, ranging as far south as Sumner and as far north as Tukwila.