Home Finance Dermody Properties Brings on Equity Partner for Auburn Logistics Center for $51.1MM

Dermody Properties Brings on Equity Partner for Auburn Logistics Center for $51.1MM

Dermody Properties, CBRE, LogistiCenter at Auburn, Auburn
Courtesy of Dermody Properties

By Meghan Hall

A new warehouse and distribution center in the Seattle suburb of Auburn, Wash., has a new equity partner. Public documents filed with King County on March 1st showed that Reno, Nevada-based Dermody Properties paid $51,076,606 to bring on an equity partner for its LogistiCenter at Auburn. 

The property is located at 508 and 520 8th St. Southwest, and is developed with two buildings totaling 158,100 square feet and 80,000 square feet, respectively. Constructed in 2021, the buildings sit on more than 18 acres, according to an information flier for Building A obtained by The Registry. Building A, which is the smaller of the two buildings, is being marketed for lease by CBRE. The marketing document shows that the building features 28-foot clear heights, two drive-in doors, 23 dock doors and 155 parking stalls. The buildings sit on nearly 19 acres of land.

LogistiCenter is a national trademark brand that is owned and developed by Dermody Properties. According to the marketing flier, the brand intends to “represent the firm’s business philosophy of developing Class A distribution facilities that meet the supply-chain requirements of the most innovative companies.”

The Auburn submarket has become popular with developers pursuing projects in logistics and manufacturing. In all, the market has about 27.2 million square feet of space and is within the region’s largest industrial market, according to CBRE. The site is easily accessible via I-5, SR-18 and SR-167, and is also not far from the Ports of Seattle and Tacoma and Seattle-Tacoma International Airport, or SEATAC. The ports alone handled 2.2 million in TEUs during 2019 and are responsible for about $4.5 billion in business outputs on an annual basis.