A Boeing-leased industrial campus in Kent's Valley quietly changed hands this week for $98 million, shifting ownership of a 392,000-square-foot warehouse complex. The price tag makes it one of the larger single-asset industrial sales in South King County so far this year and underscores that investors are still hungry for logistics space near Sea-Tac.
According to the Puget Sound Business Journal, Boeing has leased the property since 2023, and the sale pencils out to roughly $250 per square foot at the recorded $98 million closing price. The PSBJ report first revealed the transaction and highlighted the property’s niche within the Kent Valley industrial landscape.
Why Kent Valley Keeps Drawing Deep-Pocketed Buyers
Investors continue to crowd into the Kent Valley because the submarket sits between Sea-Tac and the Port of Tacoma and has relatively little developable land left, a combo that supports higher rents and valuations. Dermody Properties, a frequent developer in the corridor, has promoted projects here as critical links in Puget Sound distribution networks and points to tight supply alongside strong tenant demand in its marketing materials.
What The New Owners Are Really Buying
With a large, creditworthy tenant like Boeing on the rent roll, buyers are essentially locking in relatively predictable, long-term cash flow, the kind of stability institutional owners tend to chase. That combination of steady income and scarce nearby land helps keep competition strong for single-asset industrial deals across South King County.
