DENVER, July 11, 2019 /PRNewswire/ -- Northstar Commercial Partners is pleased to announce the sale of its industrial property located at 2801 River Road, Yakima, Washington, USA, for $24.5 million. The 510,127 SF building on 20.2 acres was purchased in 2015 by a Northstar affiliated entity as one of 24 total assets in a portfolio acquisition totaling $224.3 million, for a total portfolio size of 5,900,061 square feet of industrial, retail, and office properties located in 13 states.
"One important strength of Northstar is the ability to help bring jobs to communities across the United States," said Brian Watson, Founder & CEO of Northstar. "This transaction represents just that. Yakima is a town of roughly 100,000 people in Southern Washington, and the fact that we were able to bring this half-a-million square foot structure up to near-full occupancy shows that our Northstar team and brokers accomplished a massive goal."
The property was sold as a 98% leased industrial warehouse with three major tenants, with the largest tenant that produces plastic packaging for fruit to national retailers. Located 142 miles southeast of Seattle, WA, and 60 miles southeast of Mt. Rainier, the Yakima Valley agricultural area is noted for its apple, wine and hops production.
"After managing this property for a handful of years, I'm thrilled that we were able to sell this asset to a local investor. The team did a fantastic job in finding the buyer and executing the sale," said Cary Wicker, Director of Asset Management at Northstar Commercial Partners.
Watson concluded, "I'm proud of the Northstar team for finalizing this sale, and I look forward to continued growth in the Western United States in order to help empower communities and facilitate job growth."
In the four years since acquiring the Yakima asset, Northstar was able to steadily increase rental rates, as well as expand tenancy to help bring the asset to near 100% occupancy.
Northstar specializes in buying vacant, distressed, value-add, and income-generating assets throughout the United States, in order to help stabilize properties, and create jobs and opportunities for thousands of people. Since Watson founded the company in 2000, Northstar has closed more than 140 deals, and currently has 47 retail, office, industrial/warehouse, medical, senior care, data centers, and day care facilities in 15 states under its investment, development, and/or management. The portfolio exceeds $1.36 billion of market value.
To learn more about Northstar Commercial Partners, please visit www.northstarcp.com.
Media contact: Nick Pennebaker; email@example.com
SOURCE Northstar Commercial Partners