SEATTLE--(BUSINESS WIRE)--Elion Partners (Elion), a vertically integrated private equity real estate investment firm, today announced it has acquired a 114,531-square-foot last-mile industrial asset located at 600 SW 10th Street in Renton, WA, 13 miles south of the Port of Seattle and its commercial business district.
The $27.7 million acquisition is a part of a series of acquisitions the firm has planned for its last-mile portfolio aggregation strategy across key logistics markets, including Seattle, San Francisco, and Southern California.
“The site benefits from its low coverage area providing ample opportunity for either expanding the building and/or its parking area,” said James Lambert, Senior Managing Director at Elion. “Together with Kent Valley’s limited supply of 100,000 to 200,000-square-foot buildings, we look forward to the value-add opportunities this asset offers the portfolio.”
The firm plans to continue to pursue an investment strategy focused on first, middle, and last-mile logistics real estate, targeting core, infill coastal markets exhibiting positive growth and demographics. In 2020, Elion acquired 1.3 million square feet of existing last-mile industrial assets across key logistics markets such as Seattle, San Francisco, Southern California, and South Florida. That same year, the firm closed on an additional 1 million square feet of industrial development opportunities in Chicago and New Jersey.
The firm also sold a portfolio of 12 last-mile distribution assets across South Florida, marking the market’s largest industrial sale of 2020. Elion aggregated the portfolio through pre-market transactions throughout 2018 and 2019. As a vertically integrated firm, Elion owns and operates logistics assets in closed-end fund structures and permanent capital vehicles which hold an existing portfolio of last-mile logistics real estate across the U.S.
About Elion Partners
Elion Partners is a minority-owned, private equity real estate investment firm focused on the industrial sector. As a vertically integrated platform, Elion is both a fiduciary and operator, managing more than $1.6 billion in real estate assets through closed-end funds and permanent capital investment vehicles. For more information, please visit www.elionpartners.com.