Home Finance Clarion Partners Spends $105MM to Purchase Puyallup Industrial Asset

Clarion Partners Spends $105MM to Purchase Puyallup Industrial Asset

Clarion Partners, The Viking, Puyallup, Washington Capital Management,

By Meghan Hall

It’s been a big week for commercial real estate in Puget Sound, and the deals keep rolling in. In yet another major transaction to close this week, Clarion Partners has spent $105 million to acquire a newly-completed industrial asset in Puyallup. According to Pierce County public records, the seller of the asset was an entity affiliated with Washington Capital Management.

The property is located at 302 33rd St. SE. According to a marketing flyer obtained by The Registry, the property has been dubbed “The Viking.” The building totals 438,065 square feet of space and is part of an eight-building industrial park that will be over 2.6 million square feet once completed. The building has been leased as of April 2021.

The property also includes 31 trailer parking spaces and 200 vehicle parking spaces, eight grade-level doors, 120 dock doors and 36-foot clear heights.

The property is not far from downtown Tacoma and is easily accessible via State Routes 512 and 167. Other growing suburban cities such as Federal Way and Lakewood are also not far away. The asset is also just 12.2 miles to the Port of Tacoma, 37.4 miles to the Port of Seattle and 36.2 miles to the Port of Olympia. SEA-TAC is also easily accessible. 

Clarion invests in high-quality properties across office, retail, industrial, multifamily and hotel, according to its website. Currently, the firm is backed by around 500 institutional investors and has about $65.9 million total assets under management.