The industrial sector has been performing well across the Puget Sound region, with institutional investors continuing to take interest in the area. In one recent transaction, Chicago-based real estate investment and development company First Industrial Realty purchased a 12,500 square foot industrial asset in Pacific, Wash. for $20 million. According to Pierce County public records, the property was sold by SCI Infrastructure, a SeaTac-based construction company.
The property is located on approximately eight acres at 1508 and 1446 Valentine Avenue SE. Currently, the onsite building is occupied by Icon Materials, a manufacturer of pavement and other associated infrastructure materials.
The property is situated within a primarily industrial area just off State Route 167. Nearby other industrial users include Amazon, JBHunt and several others.
It is unclear as to how First Industrial Realty Trust intends to utilize the site. However, the real estate firm specializes in the development of industrial real estate across the United States. In total, the company owns – or has under development – approximately 69.8 million square feet of industrial space as of the end of June. Throughout the company’s history, First Industrial Real Estate has developed a total of 80.1 million square feet of industrial product.
Most recently in the Puget Sound region, the industrial developer purchased a 6.6-acre site in Lakewood for $6.1 million during the second quarter of the year. Located at 10920 Steele Street South, First Industrial Realty plans to develop the site with a 129,000 square foot industrial building, according to previous reporting from The Registry.