Tiger Mountain Services Renews 216,000-SF Industrial Lease

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KENT, WA-Tiger Mountain Services has expanded and renewed its lease at the 2.7-million-sf Northwest Corporate Park here. The third party warehouser servicing the wine industry leased 216,000 sf, or about 25,000 more than it had leased in the park.

George Rockwell of Seattle based Andover Co. tells GlobeSt.com that the expansion occurred despite Tiger Mountain acquiring a 125,000-sf building elsewhere in Kent this time last year that in part houses its corporate headquarters. Rockwell represented Andover in both transactions.

Completed in 1982, Pacific Northwest Corporate Park was part of an eight-million-sf portfolio sold in 1984 by Seattle real estate developer Jack Benaroya to a joint venture of the California State Teachers Retirement System and the California Public Employees Retirement System. CalSTRS has since taken over the dominant position in the joint venture, which is known as Pacific Northwest Group A.

About 500,000 sf is available for lease in the park, including 187,000 sf of sublease space for which the master lease expires at the end of March, according to officespace.com. The asking net rental rate at Northwest Corporate Park is $0.33 for warehouse plus $0.65 for any office space that’s included. Tiger Mountain’s lease includes a small amount of office space. The blended rate is likely in the mid $0.30s per sf.