Cushman & Wakefield Commerce Negotiates Sale of 58-Acre Former Sawmill in Tacoma, Wash.; Sale makes way for 1.1M square foot industrial development
(EDITOR’S NOTE: According to public records, the transaction closed for $32.4 million on November 30th, 2016. Interfor had purchased the lot in February of 2015 for $22,282,600.)
SEATTLE – Dec. 7, 2016 – The Seattle office of Cushman & Wakefield Commerce today announced that it has brokered the sale of a 58-acre former sawmill in Tacoma, Wash. The seller was Interfor, a Vancouver, B.C.-based lumber company. The buyer was Industrial Property Trust (IPT), which purchased the property to develop the IPT Tacoma Logistics Center, which will include two industrial buildings totaling approximately 1.1 million square feet. Tony Kusak, SIOR, Senior Director at Cushman & Wakefield Commerce in Seattle, was the lead broker on the transaction.
“The sale of this property makes way for a new, approximate 1.1 million square foot industrial development for warehousing and manufacturing companies to come into Tacoma, create jobs and provide tremendous opportunity,” Kusak said.
Scheduled for delivery in the first quarter of 2018, the new IPT Tacoma Logistics Center will have direct access to the Port of Tacoma, the Port of Seattle and the Seattle/Tacoma metro areas and will be located within Foreign Trade Zone #86. Aside from being near two parcel hubs, two freight hubs and an intermodal facility, this has always been an ideal location to draw a competitive and capable labor force.
J.R. Wetzel, Managing Director, Western Region Industrial Property Trust said, “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.”
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, which is located at 733 E. 11th street, Tacoma, WA. Kent Valley’s overall vacancy is at a historic low of 3.8 percent with few options for large blocks of space.
About Cushman & Wakefield Commerce
Cushman & Wakefield Commerce operates the Cushman & Wakefield business in Nevada, Utah and Washington. As part of the Cushman & Wakefield global platform, the firm offers innovative commercial real estate solutions to occupier and investor clients, offering transaction services, capital markets services, occupier and investor services, and real estate advisory. With nearly 300 employees, 9 million sq. ft. of property management and transaction value of more than $2.8 billion, the firm is a leading commercial real estate resource in the Intermountain West region and Pacific Northwest. Learn more at www.comre.com.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. The firm’s 43,000 employees in more than 60 countries provide deep local and global insights that create significant value for occupiers and investors around the world. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.