DWS Group’s RREEF Property Trust acquires distribution facility near Seattle, Washington
December 19, 2019 | DWS Group
DWS Group announced today that RREEF Property Trust, Inc. (NASDAQ: ZRPTAX; ZRPTIX; ZRPTTX), a publicly registered, daily NAV1 REIT advised by DWS Group, has acquired a 210,321 square foot distribution center located in Redmond, Washington. The property is fully leased to a multinational delivery services company through July 2028 and serves as a last-mile distribution center to the surrounding residential population and local corporations located in Seattle’s Eastside submarket.
The LEED Silver-certified distribution facility houses a custom, built-in-place conveyor system tasked with sorting and organizing packages for shipment in an efficient and costeffective manner. The property’s close proximity to Seattle’s major population centers, SeaTac Airport and the Port of Seattle makes this location highly desirable among large distribution tenants, while high barriers to entry have limited development in this industrial node. Excess land dedicated to parking and trailer storage further strengthens the center’s market position as a best-in-class, infill distribution building.
The addition of a 100% leased industrial asset with 8.5 years of remaining lease term further strengthens the income profile and core nature of the portfolio.
