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LaSalle Investment Management Acquires Seattle Gateway I & II Industrial Facilities For $108 Million

Property Image
SOLD
$108,000,000
Brett Hartzell
Chris Reeves

Washington

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Industrial917,400 SF
Sold 10/30/2025
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Property Image
SOLD

LaSalle Investment Management Acquires Seattle Gateway I & II Industrial Facilities For $108 Million

Industrial917,400 SF
Sold 10/30/2025
Brett Hartzell
Chris Reeves
the dealplayerscompscontact
Contact now

Summary

Asset Type:Industrial
Price Per Square Foot:$117
Total Square Footage:917,400 SF
Transaction Type:Sale

The transaction involves two fully leased Class A logistics facilities, known as Seattle Gateway I & II, located at 14237 Des Moines Way South and 1021 South 146th Street in Burien, WA. The total square footage of the properties is 458,700, with a sale price of $108,000,000, translating to a price per square foot of $235.

Summary of transaction details:

  • Property Type: Industrial
  • Transaction Amount: $108,000,000
  • Buyer: LaSalle Investment Management
  • Seller: Panattoni
  • Brokers: Brett Hartzell & Chris Reeves - CBRE
  • Square Footage: 458,700
  • Price per Square Foot: $235
  • Market: Burien, WA

The deal was brokered by Brett Hartzell and Chris Reeves from CBRE, highlighting the strong institutional demand for industrial assets in the tight, supply-constrained SeaTac industrial market.

Players

Brett Hartzell
CBRE
Brett Hartzell
12 deals$789M volume
BROKER
Chris Reeves
CBRE
Chris Reeves
2 deals$130.3M volume(818) 303-6505
BROKER
LaSalle Investment Management
LaSalle Investment Management
BUYER
Panattoni
Panattoni
SELLER

Details

SOLD
IMAGE: 10/30/2025 ADDRESS: 14237 Des Moines Way South & 1021 South 146th Street MARKET: Burien, WA ASSET TYPE: Industrial BUYER: LaSalle Investment Management SELLER: Panattoni BROKERS: Brett Hartzell & Chris Reeves - CBRE SALE PRICE: $108,000,000 SF: 458,700 ~ PPSF: $235 NOTE: LaSalle Investment Management has acquired Seattle Gateway I & II, two fully leased Class A logistics facilities totaling 458.7k sf in Burien, WA, for about $108 million from developer Panattoni. CBRE’s Brett Hartzell and Chris Reeves brokered the deal, which underscores institutional confidence in the tight, supply-constrained SeaTac industrial market.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$5,760,000.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$383,701.19
Cash-on-Cash Return-1.27%
Monthly Debt Service$511,975.10
Annual Debt Service$6,143,701.19