Colliers International Team Arranges 116,572-SF Lease with CTE Warehousing
Sumner, WA, March 19, 2020 – The Puget Sound Region is one of the country’s most dynamic industrial markets, with its Kent Valley submarket the locus of tenant demand due to its proximity to the ports of Seattle and Tacoma, central positioning in the Pacific Northwest, and excellent transportation infrastructure. CTE Warehousing’s recent commitment to Sumner Ridge’s Building A, 3400 West Valley Highway East in Sumner, WA, testifies to both the ongoing strength of this area and tenants’ preference for new construction in a stimulating setting.
Colliers International’s Bill Condon and Matt McGregor represented the developer, Bertch Capital Partners, in the 116,572-square-foot, long-term industrial lease to CTE at the building, which is under construction and projected for completion toward the end of the second quarter. The company, a Freight Management Partner that handles all aspects of the domestic supply chain, will occupy the entire warehouse property, relocating from at least one other location in the area.
This is the second building the Condon-McGregor team has pre-leased in the new Sumner Ridge development. Last year, they leased 112,100 square feet to Automatic Products before construction even commenced on the first proposed Class A warehouse in the complex. Their success at Sumner Ridge vindicates the faith the pair and Bertch Capital Partners had in the potential for the property, which many originally considered inappropriate for industrial development.
Mr. Condon commented that “The City of Sumner is in the heart of the Kent Valley industrial cluster, which makes it a preferred location for many industrial tenants. The fact that Sumner Ridge’s current projects are already fully leased speaks to the power of more than just new product. Sumner Ridge also offers unmatched views of Mt. Rainier, proximity to State Route 167 and the Port of Tacoma, and an unrivaled corporate setting with state-of-the-art facilities.”
NAI Puget Sound Properties’ Jeff Forsberg represented CTE Warehousing in the transaction.
About Colliers International
Colliers International (NASDAQ, TSX: CIGI) is a leading real estate professional services and investment management company. With operations in 68 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to maximize the value of property for real estate occupiers, owners and investors. For more than 25 years, our experienced leadership, owning approximately 40% of our equity, has delivered compound annual investment returns of almost 20% for shareholders. In 2019, corporate revenues were more than $3.0 billion ($3.5 billion including affiliates), with $33 billion of assets under management in our investment management segment.
