Gateway North

JLL Industrial Capital Markets is pleased to present the opportunity to acquire the fee-simple interest in Gateway North. Gateway North, located in Tukwila, is comprised of 6 buildings built between 1990-1991. The Project features 18’ – 22’ clear heights, 73 dock doors, and 42 grade level doors. Currently 90% leased to seventeen (17) tenants with a weighted average lease term of 1.8 years* the Project features a premium tenant base serving primarily data center and technology users with a 94% 10-year average historical occupancy rate. Gateway North features notable tenants with investment grade credit including EdgeConneX Holdings / EQT (NASDAQ: EQT, S&P: A-), Vertiv Corporation (NASDAQ: VRT, S&P Global: BBB-), Otis Elevator (NASDAQ: OTIS, S&P Global: BBB), and Carrier Corporation (NASDAQ: CARR, S&P: BBB+). EdgeConneX Holdings is the second largest tenant within the Seattle 2 Pack, occupying 10% of the Portfolio. Additionally, the Project benefits from its shallow bay status and premium location in the Tukwila submarket just over 1 mile from I-5 and 5 miles from SEA. The submarket is well positioned with zero proposed developments and limited product under construction, creating an environment with limited competition of the available supply and strong tenant demand fundamentals. Gateway North benefits from proximity to a highly skilled population with over 71% of the employee base in a 10-mile radius of the Project employed in white collar roles and 14% employed in blue collar roles.