A Yakima property owner purchased the 510,127-square-foot MS Riverpark industrial building late last month for $24.5 million.
MS Riverpark LLC is listed as the new owner of the building at 2801 River Road, according to records from the Yakima County Assessor’s Office. Larry Hull, who owns properties throughout the Yakima Valley, is listed as a principal for the business entity. Hull could not be reached for comment Thursday.
The purchase closed on June 27. Seller Northstar Commercial Partners announced the sale in a news release Thursday.
The Denver-based firm purchased the property for a little over $19.4 million in September 2015. At that time, the Yakima property was part of a $224.3 million portfolio purchase of 24 properties in 13 states.
The company noted that the building had 98 percent occupancy, including three major tenants. Among the tenants are Sonoco Plastics, which manufactures packaging for items such as produce and baked goods, and SunRype, a fruit snack and juice processor.
“One important strength of Northstar is the ability to help bring jobs to communities across the United States,” said Brian Watson, founder and CEO of Northstar, in the company’s news release. “This transaction represents just that. Yakima is a town of roughly 100,000 people in Southern Washington, and the fact that we were able to bring this half-a-million-square-foot structure up to near-full occupancy shows that our Northstar team and brokers accomplished a massive goal.”
The property previously housed the Ace Hardware distribution center until the company relocated to a larger facility in Moxee in 2006.
This story was edited to correct the name of seller Northstar Commercial Partners.