SEATTLE, Wash. –– The joint venture of a real estate fund advised by Crow Holdings Capital and Panattoni will begin construction on four brand-new warehouse/distribution buildings that will bring over 2.3 million square feet (msf) of Class A supply to the Greater Seattle area. FRED310, a rare 310-acre development site located at Canyon Rd E and E 176th St. in the city of Frederickson, has received its State Environmental Policy Act (SEPA) approval and is scheduled to deliver this new speculative built space no later than the first quarter of 2024.
FRED310 also recently signed a new lease for 1.1 msf in the project’s Building C to a leading specialty retailer.
The 2.3 msf is part of the project’s Phase I plan that will consist of four state-of-the-art Class A buildings of 753,199 sf (Building D), 437,360 sf (Building E), 549,320 sf (Building F) and 614,020 sf (Building G). In total, FRED310 will offer the potential for the development of as much as 4 msf of new Class A industrial product.
Executive Directors Scott Alan, SIOR and Patrick Mullin, and Senior Director Connor Cree with Cushman & Wakefield are leading marketing efforts for the project.
“FRED310 is the premier industrial development in the Pacific Northwest that the team at Crow Holdings Capital and Panattoni have thoughtfully envisioned,” said Executive Director Scott Alan. “We are ecstatic that the project is now able to officially move forward in delivering this needed supply to the market.”
“This modern development is ideal for large manufacturing, distribution, and logistics operations with its easy access to multiple modes of transport including the Port of Tacoma, rail, and highways. Further adding to its appeal are the surrounding favorable demographics and high-profile corporate neighbors and abundant labor,” added Executive Director Patrick Mullin.
FRED310’s Phase I buildings offer state of the art modernization and functionality, catering to the specialized needs of today’s distribution and manufacturing users. The project will offer ample dock high and grade loading, 36’ – 40’ clear heights, abundant auto/trailer parking and large modern truck courts.
The project is well positioned within 30 minutes of the Port of Tacoma and proximate to multiple freeways, including Interstate 5, offering convenient logistical service throughout the Greater Seattle region as well as the West Coast and Mid-West regions. The property also provides several economic and tax incentives for occupants.
“We are excited to be moving forward with FRED310. This development is located in a world class market with strong industrial fundamentals and rising demand, particularly for distribution and manufacturing space,” said Travis Hale, Seattle Partner for Panattoni. “It was our primary goal to deliver strategically positioned product to meet the advanced needs and requirements of today’s industrial users.”