Cushman & Wakefield Closes Sale of 58-Acre Land in Seattle Area
- Dec 08, 2016
Seattle—Cushman & Wakefield Commerce has brokered the sale of a 58-acre former sawmill in Tacoma, Wash. The seller was Interfor, a Vancouver-based lumber company and Tony Kusak, SIOR, senior director at Cushman & Wakefield Commerce in Seattle, was the lead broker on the transaction.
Industrial Property Trust (IPT) purchased the property to develop the IPT Tacoma Logistics Center, which will include two industrial buildings totaling approximately 1.1 million square feet.
“The sale of this property makes way for a new, approximately 1.1 million square feet industrial development for warehousing and manufacturing companies to come into Tacoma, create jobs and provide tremendous opportunity,” Tony Kusak, said in prepared remarks.
The new center will be located at 733 E. 11th St. in Tacoma, Wash., with direct access to the Port of Tacoma, the Port of Seattle and the Seattle/Tacoma metro areas. The property will also be situated within Foreign Trade Zone 86. Aside from being near two parcel hubs, two freight hubs and an intermodal facility, this area has always been an ideal location to draw a competitive and capable labor force.
The buildings will include an ESFR sprinkler system, 167 trailer stalls and 704 parking spaces. Tony Kusak will represent IPT in the leasing of this development. Kent Valley’s overall vacancy is at a historic low of 3.8 percent with few options for large blocks of space.
“Having had continued success in the Greater Seattle market since 2010, we were excited for the opportunity to develop big box industrial in this strategic Tacoma location. Given the historically low supply of Class A warehouses today and the flexibility of sizes this project will offer (60,000 square feet to over 1,100,000 square feet), we are confident in delivering another successful project to the market,” Wetzel, managing director, Western Region Industrial Property Trust, said in a statement.
The IPT Tacoma Logistics Center is scheduled for delivery in the first quarter of 2018.
Image via Google Street View