Home Finance Panattoni, GLP Capital Partners Sell Newly Constructed Industrial Building in Lacey for...

Panattoni, GLP Capital Partners Sell Newly Constructed Industrial Building in Lacey for $23.8MM

Panattoni Development Company, GLP Capital Partners, Lacey Logistics, Lacey, CBRE, Puget Sound

SEATTLE – Oct. 13, 2022 – CBRE announced the $23.8 million sale of Lacey Logistics, a 141,884-sq.-ft. Class A industrial building in Lacey, Washington, to a confidential buyer.

Brett Hartzell and Paige Morgan with CBRE National Partners in the Pacific Northwest represented the seller, Panattoni Development Company and GLP Capital Partners (GCP).

Completed in 2021, the cross-dock facility has 130-ft. truck courts, 30-ft. clear heights, dock-high and drive-in loading, trailer parking, ESFR sprinklers and heavy power. It is fully leased to three tenants: Morgan Transfer, Direct Export and Blue Line Foodservice.

Lacey Logistics is located at 3130 Hogum Bay Rd NE in Thurston County, less than 1.5 miles from Interstate 5, about 35 minutes south of the Port of Tacoma, and 55 minutes south of downtown Seattle.

“Despite the current market volatility, the Seattle area’s exceptional industrial fundamentals continue to prevail. We are delighted to have partnered with the teams at Panattoni and GCP on the sale of Lacey Logistics,” said Mr. Hartzell, CBRE.

Tenant demand outpacing supply pushed industrial vacancy rates lower in the Puget Sound region at the end of the third quarter, according to CBRE research. Vacancy dipped to 4.2 percent for the region and is even lower in the Lacey submarket (just 2.6 percent). Industrial investment sales picked up in the quarter, totaling $912.7 million—nearly double the second-quarter’s volume of $469.2 million.

About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.