In a testament to the strength in the industrial real estate arena, Kent-based Davis Property & Investment (DPI) has announced the signing of two major leases for their new industrial developments in South Sound. The two developments, boasting a combined area of over 400,000 square feet, mark a significant milestone for DPI and signal promising growth for the region’s industrial landscape.
One of the companies stepping into this space is Seattle-based Infinity Global Distribution. The company has decided to lease 248,000 square feet at Tacoma Central Logistics property. This building, situated at 1950 S. State St. in Tacoma, is built on the former site of the News Tribune, according to a report in the Puget Sound Business Journal.
DPI acquired the 13-acre site in the summer of 2021 for $15.5 million. The redevelopment efforts, which entailed the demolition of a pre-existing 236,000-square-foot structure, have paved the way for the development of Infinity Global Distribution’s new warehouse and distribution facility. Tony Wilmoth, the vice president of sales at Infinity Global, sees the property as a key component to the company’s growth in the region. “This new space will further our expansion within this market and allow us to meet existing demands,” he stated in a news release.
The second lease that DPI procured was at the 160,000-square-foot Pacific 167 building located at 541 W. Valley Highway S. in Pacific. Toysmith, a Tacoma-based toy seller with over four decades of experience in the industry, will utilize this space to further its operations. Toysmith specializes in supplying a diverse range of toys to various retail channels, including catalogs, museums, zoos, national parks, gift stores, and specialty retailers.
Bruce Valentine and Cameron Valentine of Neil Walter Co. represented Infinity Global Distribution in the lease, while Joel Jones, Eric Cederstrand, and John DeHan, also of Neil Walter Co., were the listing brokers for DPI. Toysmith was presented by Scott Alan and Patrick Mullin of Cushman & Wakefield, with Chris Spofford and David Cahill from JLL Seattle working as the listing brokers for DPI.
These leases have helped DPI reach an aggregate leasing volume of 4.4 million square feet over the last year, according to a statement by the company. Some of its other tenants include Northwest Container Services, which occupies properties in Washington and Oregon, as well as Shippers Transport Express Inc., leasing space at Duwamish Yards in Seattle.