WestRock Signs 74 KSF Industrial Lease Near Seattle
- May 06, 2019
In a joint venture with an institutional pension fund, IDS Real Estate Group has leased more than 74,000 square feet of space in the Hogum Bay Logistics Center—a 1.1. million-square-foot logistics campus—to WestRock Corp., a packaging company.
Located at 8000 NE Hogum Bay Road in Lacey, Wash., the three-building campus provides convenient access to Interstate 5, Target Distribution Warehouse, Trader Joe’s Warehouse, Home Depot and Medline. Additionally, Port of Tacoma is approximately 23 miles away, while Port of Seattle is 50 miles away.
Hogum Bay Logistics Center is 80 percent leased prior to completion by tenants including Uline Corp., which consolidated various facilities into 800,000 square feet.
Colliers International’s Batt McGregor and Douglas Biggs worked on behalf of WestRock, while Kidder Mathew’s Evan Parker and Lee & Associates’ Vanessa Herzog, along with IDS Real Estate Group’s Dan Sibson, Rob Fueling and Jon Quinn represented the landlord.
“Hogum Bay Logistics Center provides brand new buildings, state-of-the-art building systems and excellent access to the Interstate 5 freeway which allows tenants to efficiently and cost-effectively service both the Seattle and Portland submarkets,” Dan Sibson, senior vice president at IDS Real Estate Group, said in a prepared statement.
The deal comes a few months after IDS teamed up with Lionstone Investments to acquire a $76.8 million four-building Class A office portfolio in San Diego.