(EDITOR’S NOTE: According to public records, IDI Logistics purchased the property in a deal that closed on March 23rd. IDI paid $34,273,128 for the asset, and purchased the property from an entity affiliated with Panattoni Development Company.)
ATLANTA, GA – IDI Logistics, a leading developer and manager of logistics real estate, has pre-leased a 199,744 SF speculative building, Puyallup Logistics Center, located at 2504 E. Main Street in Puyallup, Washington, to Red Dot Corporation, a producer of premium mobile HVAC units and components for heavy-duty commercial and military vehicles.
Puyallup Logistics Center is IDI Logistics’ first investment in the state of Washington. The recently completed Class A industrial facility is located 11 miles from the Port of Tacoma.
Red Dot will be consolidating their operations from two buildings in Tukwila to the new Puyallup location. The company intends to manufacture products for West Coast customers and those in Asia and Europe. They currently have operations in Seattle, Memphis, the UK and China. Red Dot is expected to begin operation at Puyallup Logistics Center in July.
“We are very excited to welcome Red Dot to our first distribution facility in Washington,” said Brandon Dickens, Vice President of Capital Deployment for IDI Logistics. “Puyallup Logistics Center’s strategic location made it an ideal choice for Red Dot. In addition, the facility can accommodate their current workforce and support its growth plans for the future.”
Matt McGregor with Colliers represented Red Dot Corporation in the transaction. Matt McGregor and Bill Condon with Colliers and Monte Decker and Chris Cowles with CBRE represented IDI Logistics.
