Northwest Building acquires Gateway North industrial park in Tukwila for $76.5M

SEATTLE, Apr. 15, 2026 – JLL Capital Markets announced the $76.5 million sale of Gateway North, a 266,476-square-foot industrial property located at 3425 South 116th St., in Tukwila, Washington.

JLL represented the seller in the transaction. Northwest Building acquired the asset.

Gateway North comprises six concrete tilt-up buildings constructed between 1990 and 1991 on 17.64 acres. The property features clear heights ranging from 18 to 22 feet, 73 dock-high doors and 42 grade-level doors. The buildings include 77,076 square feet of office space, representing 29 percent of the total rentable area. The park is 90 percent leased to 17 tenants and has maintained 94 percent average occupancy over the past decade.

Strategically positioned just over one mile from Interstate 5 and five miles from Seattle-Tacoma International Airport, Gateway North provides direct connectivity to regional transportation networks including the Port of Seattle and Port of Tacoma. The property features a high-profile tenant roster serving third-party logistics, data center, and technology users. Other tenants include companies in digital printing and e-commerce services, HVAC system manufacturing and distribution, elevator and escalator manufacturing and secure shredding operations.

The JLL Capital Markets team representing the seller included Managing Director James "Buzz" Ellis, SIOR and Director Rachel Jones.

"The combination of data center operations, established distribution tenants with long tenure and a location with minimal new supply positioned Gateway North as a compelling investment," Ellis added. "Tukwila's limited development pipeline and the property's newer vintage relative to submarket inventory supported strong pricing at a discount to replacement cost. The below-market rents provide a clear path to revenue growth as existing leases expire."

JLL’s Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients, including investment sales and advisory, debt advisory, M&A and corporate finance, loan sales, equity & fund placement, net lease, derivative advisory and energy & infrastructure advisory. The group has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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JLL (NYSE:JLL) is a leading global commercial real estate services and investment management company with annual revenue of $26.1 billion, operations in over 80 countries and a global workforce of more than 113,000 as of December 31, 2025. For over 200 years, clients have trusted JLL, a Fortune 500^® company, to help them confidently buy, build, occupy, manage and invest across a variety of industries and property types, including office, industrial, hotel, multi-family, retail and data center properties. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY. Powered by rich global datasets and leading technology capabilities, we provide coordinated, end-to-end delivery of real estate services for a broad range of global clients who represent a wide variety of industries. Through LaSalle Investment Management, we invest for clients on a global basis in both private assets and publicly traded real estate securities. For further information, visit jll.com.

Northwest Building LLC (NWB) is a privately held real estate firm headquartered in Kirkland, Washington. Founded in 1959, the firm has operated for over 60 years and maintains a longstanding presence in the Puget Sound region. NWB is a wholly-owned subsidiary of Matthew G. Norton Co.

The company focuses on commercial real estate investment, development, and property management, with an industrial portfolio exceeding 6 million square feet across the Puget Sound area. Its core asset types include industrial properties and self-storage facilities. The firm’s activities center on ownership, leasing, and long-term asset management of income-producing properties.