By Kate Snyder
A massive industrial asset in Lacey traded hands recently as the market continues to attract investors. The 717,554 square foot Bridge Point Lacey industrial complex was purchased by an entity affiliated with Dermody Properties for $132.1 million, or approximately $184 per square foot, according to Thurston County public records. The seller was an entity affiliated with PPF Industrial 3301 Hogum Bay Road NE LLC. Newmark’s Brett Hardy, Jim Linn, Andrew Briner, Aaron Banks and Kevin Shannon represented the seller in the deal.
“The acquisition of the Lacey I-5 Logistics Center represents a significant investment by Dermody Properties within the Pacific Northwest,” said Tim Walsh, Partner and Chief Investment Officer at Dermody Properties. “Puget Sound industrial vacancy is still below the historic average and, with this properties’ strategic location, it will maintain corporate appeal for years to come.”
Located at 3301 Hogum Bay Road NE, the property consists of three structures and is zoned for light industrial, according to LoopNet. The property also features concrete truck aprons and dock canopies with bumpers. The site has interstate access and is located within two miles of I-5. It is also near Target, Medline, Trader Joe’s and Whole Foods, sitting less than 10 miles from the Port of Olympia and 55 miles from the Port of Seattle.
“This project is strategically located and offers difficult-to-replicate benefits for tenants within the land-constrained Puget Sound industrial market,” said Ben Seeger, Northwest Region Partner at Dermody Properties. “From significant trailer and auto parking to multiple EV charging truck stall locations, we are excited to be in a position to acquire a property like this one in such a competitive market.”
The property was originally developed by Bridge Industrial. According to the firm’s website, construction was completed in 2019. Thurston County records show the site last traded in 2020 for $83 million, or about $115 per square foot.
Dermody Properties is an industrial real estate development company that has been focused on acquiring, developing and investing in logistics, e-commerce and industrial real estate for more than 60 years, according to the firm’s website. The company has offices and properties across the United States, including properties in Kent and Portland, and has developed industrial facilities, acquired speculative spaces and designed build-to-suits for more than 300 international, national and regional clients.
Lacey has seen other sales transactions involving industrial properties in the past year.
In one example, Panattoni Development Company and GLP Capital Partners last year sold Lacey Logistics, a 141,884 square foot Class A industrial building, to a confidential buyer for $23.8 million, or about $167 per square foot. Lacey Logistics is located at 3130 Hogum Bay Road NE, adjacent to Bridge Point Lacey.
