Orchard Partners Expands Puget Sound Portfolio; Greenwood Apartment Project Advances
- Jan 27, 2012
A joint venture between Orchard Partners LLC and Morgan Stanley Real Estate Investing has closed on the acquisition of the 135,000-square-foot Creekside Distribution Center in Kent, the Puget Sound Business Journal reports. The $10.46 million purchase Orchard Partners’ Puget Sound deal in recent months and increases its local industrial holdings to 1.3 million square feet. Orchard also owns two assets in Auburn: the 885,263-square-foot Auburn Logistics Center and White River Industrial Park, a two-building, 167,023-square-foot property. Additional Orchard markets include Los Angeles and the San Francisco Bay. Andover Co. arranged the transaction for the joint venture and for the seller, Pannatoni Development Co.
In multi-family news, the Greenwood planning commission has signed off on Goodman Real Estate Inc.’s proposal for a 263-unit apartment complex, the Seattle Times reports. Goodman plans to build a three-building complex on a parcel between North 102nd and 103rd Streets on the site of the recently demolished Leilani Lanes bowling alley. The project would includea 212-space parking structure, as well as 4,000 square feet of retail space.