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Real Estate - AUGUST 17, 2021

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GTIS Partners and Ryan Cos. form OZ JV for industrial project in Seattle

by Andrea Zander

GTIS Partners and Ryan Cos. have formed a joint venture to develop 65 S Horton St., a four-story, class A, last-mile industrial/urban logistics property located in one of Seattle’s qualified opportunity zones. The building, once completed, will span 126,646 square feet and is expected to cost around $42.5 million.

The site is located just one mile south of downtown Seattle and adjacent to several Port of Seattle terminals in SoDo. SoDo is highly sought after for industrial development due to its unique access to the urban core markets of Seattle and the Eastside and the hub of bulk distribution facilities located farther south in Kent, Washington. Despite the district's strong strategic location, much of the existing stock of industrial space is dated and functionally obsolete. There is also very little institutional ownership in the area, creating opportunity for new product managed by an institutional-quality operator. Rents have grown approximately 9 percent per year sin

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