GLOBAL - RREEF, the real estate investment management business of Deutsche Bank's Asset Management division, has acquired the 940,654 square foot Kent Valley Industrial Portfolio in Kent and Tukwila, Washington.
Both parties locked in the purchase price, estimated at approximately $60m (€43.2m), earlier this year.
The cap rate on the deal - a core portfolio in suburban Seattle that was 100% leased at the time of the sale - is estimated at just over 7%, based on the existing rents in the property.
The assets include 11 warehouse and distribution buildings, with eight buildings in the Southcenter South Industrial Park in Tukwila and three in the Greenriver Corporate Park in Kent.
The properties are located within the northern portion of the Kent Valley, providing access to major transportation arteries within the Puget Sound region.
The assets are within a 22-mile radius of the region's major international air and seaports, including SeaTac International Airport, the Port of Seattle and the Port of Tacoma.
Privately held real estate company James Campbell Company sold the property, which it acquired in 1993.
Dorine Hosley Streeter, executive vice-president of real estate investment management at James Campbell, said: "We thought there would be strong pricing for this portfolio and that that was the only way we were going to sell. Our company has a history of being very long-term holders of the properties we own."
RREEF is a major owner and manager of properties around the world. The real estate manager had $52.9bn in assets under management as at the end of September.