Benaroya Site Plan
A 77-acre property at 4002 Galvin Road in Centralia has been sold to O’Keefe Development Corporation for $13.3 million after Port of Centralia commissioners waived their right of first refusal at a meeting last week.
The property will house a grocery distribution center. Kyle Heaton, executive director of the port, said the name of the grocery distribution center has not yet been released.
The property, owned by Benaroya, is located in the port’s master-planned industrial park. It consists of 1.8 million square-feet of construction-ready property and has rail service available from Union Pacific and Burlington Northern. It was formerly owned and marketed by Opus Northwest prior to Benaroya’s ownership.
In February, the port also waived its right of first refusal on the same property. The option allows port commissioners to purchase a property prior to it being sold to someone else.
At the Wednesday port meeting, Heaton said the Centralia Logistics Center property on Galvin Road was the same parcel discussed earlier in the year, but stated it was being sold to a different buyer this time.
The grocery distribution center is expected to bring in between 200 and 400 jobs.
“I think it’s promising,” Heaton told The Chronicle. “Certainly we need the jobs and the tax base in the area. The commission is excited for that.”
A phone call to Tom O’Keefe, the owner of the corporation that purchased the property, was not returned by deadline.
O’Keefe Development Corporation is based out of Seattle. According to its website, “O’Keefe Development’s philosophy is to bring a property’s highest value to life as a result of a plan with clear investment objectives and execution. As owners, we bring a long-term ownership perspective toward our managing and leasing activities. We believe this both adds value to our properties and serves the needs of our tenants.”
The company was founded in 1986. It acquires, develops and manages office buildings, industrial buildings, retail shopping centers and multi-family projects.
Since the company’s inception, the corporation has developed or acquired approximately 4 million square feet of commercial real estate projects, states the website.
Heaton said it was the port’s first time working with O’Keefe Development Corporation, but stated the company is reputable.
