(EDITOR’S NOTE: the sales price for the land was $11 million, according to public records filed with Thurston County, in a transaction that closed on August 15th, 2018).
CHICAGO — Bridge Development Partners, LLC has announced the acquisition of a 41.24-acre land site in Lacey, Washington, where the firm will develop Bridge Point Lacey, a state-of-the-art industrial complex totaling 705,590 square feet across three buildings.
Located at 3301 Hogum Bay Road NE in Lacey, the site represents one of the last remaining large sites available for industrial development in the southern portion of the Seattle-Tacoma core industrial market, which has been experiencing significant demand for modern distribution/logistics facilities. Building A will be the largest, encompassing 496,884 square feet with 36-foot clear heights, 130 truck docks, 185-foot truck court, 129 trailer stalls and 273 parking stalls. Building B will total 110,608 square feet with 32-foot clear heights, 25 docks, 130-foot truck court and 112 parking stalls. Building C will total 98,098 square feet with 32-foot clear heights, 21 docks, 185-foot truck court, 25 trailer stalls and 81 parking stalls.
The site is 1.5 miles from a four-way interchange onto Interstate 5, and within an hour’s drive of seven (7) of Washington’s ten (10) largest cities. The Port of Tacoma is less than 25 miles away, the Port of Seattle is 60 miles away, and the Seattle-Tacoma International Airport is within 50 miles.
Justin Carlucci, Partner, Northwest Region at Bridge, commented: “Bridge Point Lacey represents a rare opportunity for companies in search of distribution space capable of serving the broader Pacific Northwest market. The South Tacoma industrial market is seeing tremendous growth in demand, fueled by a great labor pool, and a lack of available product.”
The transaction represents Bridge Development’s first land acquisition in the Pacific Northwest since the firm hired Justin Carlucci to lead its Northwest Region office in Seattle in early 2018.
The seller was Northwest Building Corp., a private real estate investment company owned by the Weyerhaeuser family, which purchased the site out of foreclosure in 2011. Northwest Building Corp. was represented in the transaction by Bruce Valentine and Scott Price of Neil Walter Company. Bridge was represented by Joel Jones of Neil Walter Company. Joel Jones and Bruce Valentine will market the future buildings. Terms were not disclosed.
About Bridge Development Partners
Bridge Development Partners, LLC (www.bridgedev.com) is a privately-owned firm that focuses on the acquisition and development of Class A industrial real estate in the supply constrained core industrial markets of Chicago, South Florida, Northern New Jersey, Southern California and Seattle. Since its inception in 2000, Bridge has successfully acquired and developed more than 27 million square feet of industrial buildings/projects valued at more than $3.4 billion. Currently, Bridge has a strategic joint venture with investment partnerships managed by Banner Oak Capital Partners, L.P., a Dallas-based investment advisor.