Updated Jan 2, 2025
Bridge Industrial Acquires Two Industrial Properties In Kent Washington For $64.2 Million
6111 South 228th Street
$64,200,000
$203/SF
Building Size
315,422 SF
Asset Type
Industrial
Closing
Dec 30, 2024
About this deal
AI
Bridge Industrial acquired two industrial properties located at 6111 South 228th Street and 6205 South 231st Street in Kent, Washington, for a total of $64.2 million. The properties encompass a combined area of 315,422 square feet, with a price per square foot of $203.54.
Summary of transation details:
- Property Type: Industrial
- Transaction Amount: $64,200,000
- Buyer: Bridge Industrial
- Seller: Link Logistics
- Broker: CBRE
- Lender: PGIMReal Estate
- Loan Amount: $46,700,000
- Square Footage: 315,422
- Price Per Square Foot: $204
The deal was facilitated by CBRE, which acted as the broker for the transaction. PGIMReal Estate provided financing through a loan of $46.7 million, supporting the acquisition of these industrial properties, which were constructed in the 1990s.
On the Map
$64,200,000
$203/SF
Industrial
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Kent Industrial Market Snapshot
Boundary boundary · Industrial · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.25%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93