By Jack Stubbs
As the Puget Sound region continues to expand and development opportunities are eyed throughout the region, the sale of vacant land is becoming an increasingly frequent trend. And on Tuesday, November 6th, fourteen parcels of vacant land comprising about 250 acres in Frederick, Washington—several miles south of Tacoma—sold for $43.9 million, Pierce County records show. The buyer was LPC Frederickson 1 LLC, an entity based in Chicago, and the seller was California-based Sierra Pacific Industries, an owner, manager and producer of lumber that operates throughout the U.S.
The recent sale of the land in Frederickson marks the latest chapter for the property. “Sierra Pacific Industries (SPI) purchased about 250 acres of Frederickson property in 2013 to 2014 with plans to build a new sawmill and develop the remaining portions for warehousing,” a representative from the company said. “After acquiring this property, SPI decided to build the new sawmill in Mason County instead. The Frederickson property is now being sold for warehousing and light industrial use.”
The transaction was for fourteen parcels of vacant industrial land located at 2601 200th St. E., among various other addresses, according to public documents. The fourteen parcels are designated as “land and improvements” in the Pierce County database.
The fourteen-parcel property is approximately sixteen miles south of Tacoma via Interstate-5 and 10 miles southwest of Puyallup. Additionally, the property is roughly four miles from Spanaway Lake Park and two miles from access to State Route 507.
Based in Anderson, California, Sierra Pacific Industries owns and manages nearly 1.9 million acres of timberland in California and Washington and is among the largest lumber producers in the United States, according to the company’s web site. Sierra Pacific is committed to managing its lands in a responsible and sustainable manner to protect the environment while providing quality wood products and renewable power for consumers.
Along with the recent transaction in Frederickson, there have been a number of other vacant land sales throughout the Puget Sound region over the last few months. In mid-August, Forestar Group Inc. acquired nearly 80 acres of vacant land in Monroe, Washington, for $14.2 million from LSA Engineering. And on October 2nd, Bothell-based Pacific Ridge Homes acquired two parcels of vacant land comprising almost ten acres for $13.28 million from homebuilder Village Life.