Home Industry News Dermody Properties Acquires 777,579 SF Industrial Park Near Seattle for $42.1MM

Dermody Properties Acquires 777,579 SF Industrial Park Near Seattle for $42.1MM

(EDITOR’S NOTE: According to a 3rd Quarter of 2017 Industrial Market Research Report by Kidder Mathews, the sale price was $42.1 million, or $92 per square foot. The seller was California State Teachers’ Retirement System (CalSTRS), and the brokers on the deal were Monte Decker and Andrew Hitchcock of CBRE.)

Lacey, Washington – Dermody Properties recently acquired the Meridian Campus Corporate Park in Lacey, Washington just south of Seattle. The industrial park consists of three buildings totaling 459,551 square feet and 18 acres of land upon which Dermody Properties will develop a new distribution building. The new facility will total 318,028 square feet, featuring 36-foot clear height and 80 trailer parking stalls. Construction is expected to begin in November 2017.

The three existing buildings at Meridian Campus Corporate Park include 9107 Polaris Ln. (130,525 square feet), 9127 Polaris Ln. (130,525 square feet) and 9225 Polaris Ln. (198,501 square feet). All three buildings are Class A facilities featuring 30-foot clear heights. Each building has also achieved LEED Gold designation.

“Warehouse and distribution space between 30,000 and 300,000 square feet is very limited in the Seattle market, and especially in the Tacoma/Fife market,” said Phillip Wood, Northwest Region Partner, Dermody Properties. “So, we are pleased to have acquired these facilities and to have the opportunity to develop a new facility on the site.”

Meridian Campus Corporate Park is located immediately off of I-5 in the Thurston County submarket of the Puget Sound industrial market. The site is ideally located for expedient distribution to the Northwest’s major population centers: 27 miles south of the Port of Tacoma, 54 miles south of Seattle and 122 miles north of Portland. The industrial park’s corporate neighbors include such companies as The Home Depot, Target and Trader Joe’s.

“The Pacific Northwest has several key demand drivers that make acquisitions like these attractive to Dermody Properties,” said Douglas Kiersey, Jr., President, Dermody Properties. “The region’s consumer demand, labor pool, transportation infrastructure and local corporate stalwarts such as Microsoft, Google, Costco, Nordstrom and Boeing make it a highly desirable industrial market. The industrial park’s proximity to the Seattle and Portland markets will attract customers in need of Class A, regional distribution centers.”

Monte Decker and Andrew Hitchcock of CBRE will market the property for lease on behalf of Dermody Properties. Dermody Properties acquired the Meridian Campus Corporate Park from the California State Teachers’ Retirement System (CalSTRS) for an undisclosed purchase price.