UPS and Prologis are working on a deal to lease nearly 750,000 square feet in the Prologis Park industrial complex in Tacoma. While no official confirmation of the signed lease has been received, two sources familiar with the market said the deal is far enough in negotiations that it is likely to close in the very near future.
The agent representing UPS is JLL. The firm is represented by Chris Spofford, vice president, out of the company’s Seattle office; he did not respond to requests seeking comment about the deal.
The nearly 80-acre development is comprised of three buildings and sits at 5200 12th Street East in Tacoma, just across from the Port of Tacoma. The new development will add nearly 1.6 million square feet of industrial space upon completion.
A 2016 fourth quarter Seattle industrial report from Kidder Mathews shows Pierce County had 533,450 square feet of net absorption in the quarter, totaling 3,035,781 square feet of total positive absorption for the year. The report states there was a change in vacancy rates from 5.56 percent to 5.77 percent. The report also mentions the Prologis Park Tacoma buildings, which are expected to be completed by mid-2017.