Seattle, WA, June 01, 2022 (GLOBE NEWSWIRE) — Nicola Wealth Real Estate (NWRE) acquired Gateway Corporate Center buildings 5 & 6 in Tukwila, WA. This transaction, brokered by Will Frame, Andy Miller, Richard Davidson, and Drew Frame of Kidder Matthews expands NWRE’s presence in the firm’s top US market.
The acquisition features two light industrial / flex office buildings totaling 85,104 sf on 5.24 acres located within Gateway Corporate Center in close proximity to the I-5 and SeaTac International Airport, where NWRE already owns buildings 1, 2, 3 & 8. The multi-tenant light industrial and flex office park are currently 95% occupied. Buildings 5 & 6 feature below-market rental rates and existing vacancies presenting a near-term value add opportunity.
“This is our 16th property in Seattle, making it one of our largest US markets” highlights Matthew Schaeffers, Director of Acquisitions at Nicola Wealth Real Estate. “We’re excited to have completed this synergistic acquisition allowing us to increase our Gateway Corporate Center portfolio; a well located, light industrial park just south of downtown Seattle, and in close proximity to Seatac International Airport”
“Our team continues to search for similar opportunities” Schaeffers adds, “multi-tenant, high utility, well located small to mid-bay industrial that is no longer economical to build.”
NWRE is concentrated on growing in major US markets such as Las Vegas, Phoenix, Denver, Dallas / Ft. Worth, San Francisco, Minneapolis, and Seattle with a focus on acquiring income-producing properties, executing build to own development and value-add strategies.
To learn more about the Nicola Wealth Real Estate funds, visit realestate.nicolawealth.com
About Nicola Wealth Real Estate
Nicola Wealth Real Estate (NWRE) is the in-house real estate team of Nicola Wealth, a premier Canadian financial planning and investment firm with $12.1 billion (CAD) of assets under management (AUM). NWRE has an experienced and innovative team that sources and asset-manages a growing portfolio of properties in major markets across North America spanning a diversified range of asset classes which include industrial, multi-family rental apartment, office, self-storage, retail and seniors housing. The current NWRE portfolio now exceeds $7.3 billion gross asset value.