By Jack Stubbs
On Tuesday, April 3rd, three parcels of land totaling approximately 15 acres sold for $37.3 million, according to public records filed with Pierce County. The buyer was Blackrock Realty Advisors Inc., a New York-based real estate investment company. The seller was Trammell Crow Company, a Dallas, Texas-based company that develops and invests in commercial real estate. The transaction was recorded on April 6th.
The buyer did not respond to calls for comment in time for the publishing of this story. Tom Woodworth, principal of Trammell Crow Company’s Seattle business unit—whose signature appears on public documents—declined to comment on the details of the transaction.
The transaction was for three parcels of land in Fife, Washington, located at 2801 78th Ave. E, 26th St. E and Freeman Road E., that total 14.89 acres. According to public documents, the three parcels have a combined assessed land value of $6.58 million. According to Google Maps, one of the parcels, located at 2801 789th Ave. E., contains a 250,490 square foot build-to-suit office building.
Built in 2017, the property is 100 percent leased to Associated Materials.
The property is approximately two miles to the east of Fife and about seven miles to the east of Tacoma. Additionally, the property is about four miles north of Puyallup and sits three miles from access to Washington State Route 167 and roughly one mile from Interstate-5.
It is not yet clear what plans Blackrock Realty Advisors, a subsidiary of Blackrock Financial Financial Management Inc., has for the three parcels of land. Blackrock Realty provides a variety of services including portfolio strategy consultation, development, acquisitions, construction supervision and asset and property management, according company’s listing on bloomberg.com. Founded in 2005, Blackrock Realty also has offices in New Jersey, San Francisco and Boston. The company’s investment fund portfolio includes office, apartment, retail and industrial properties.
Found in 1948, Trammell Crow Company has developed or acquired over 2,600 commercial buildings (totaling 565 million square feet) that comprise over $60 billion in value, according to the company’s web site. Operating in 16 cities nationwide, the company’s portfolio contains office, industrial, retail, healthcare and residential assets.
