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Exeter buys warehouse, largest single-asset transaction to date in Pacific Northwest
Transactions - DECEMBER 17, 2019

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Exeter buys warehouse, largest single-asset transaction to date in Pacific Northwest

by Andrea Zander

Exeter Property Group has acquired the UNFI Distribution Center, a 1.2 million-square-foot, newly developed, single-tenant warehouse and cooler/freezer distribution facility in Centralia, Wash., for $195 million.

The seller was Centralia DC.

The project, situated on 77 acres, was recently completed by O'Keefe Development as a build-to-suit for UNFI on a new, 20-year lease term. The seller and O'Keefe Development are both owned by Tom T. O'Keefe. UNFI is one of the largest food distributors in the country. The property features 606,795 square feet of dry warehouse/offices and 529,000 square feet of specialized, highly efficient and computer-controlled cooler/freezer space. Additionally, there is a trucking maintenance and fueling facility.

Centralia is strategically located on the I-5 "logistics corridor", with additional east/west support from US-12 and SR-6. The facility is between 85 and 90 miles of Seattle and Portland, providing ease of access throughout the

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