Home Finance Panattoni’s 212,000 SQFT Ryerson-Leased Facility in Centralia Listed for $57MM

Panattoni’s 212,000 SQFT Ryerson-Leased Facility in Centralia Listed for $57MM

Ryerson Holding Corporation, Centralia, Midway Logistics Center, Cushman & Wakefield, Lewis County

By Kate Snyder

Centralia’s industrial market could soon see more sales activity with the listing of a warehouse on the city’s north end. The Midway Logistics Center is a brand new distribution facility totaling 212,000 square feet that is fully leased by the Ryerson Holding Corporation, according to a marketing brochure from Cushman & Wakefield, which has the listing. According to industry sources, the asking price on the property is $57 million, or approximately $269 per square foot. 

Located at 3010 Harrison Ave., the site encompasses a total of 15.5 acres within the 3.2 million square foot Centralia industrial submarket and has proximity to Interstate 5, US Route 12 and Washington 507. According to the brochure, the property offers functional divisibility with a variety of bay sizes, about 38-foot clear height, grade and dock-high loading, sprinklers and concrete truck courts. Built in 2022, the property offers modern and “state-of-the-art” industrial functionality for a large industrial tenant with larger tenant requirements.

According to Lewis County public records, the property owner is an entity affiliated with Panattoni Development Company, which, according to industry reports, also developed the property.

The property’s tenant, Ryerson Holding Corporation, is a publicly-traded company with more than $6 billion in revenue. The Chicago-based firm is a processor and distributor of industrial metals, with operations in the United States, Canada, Mexico and China, according to the company’s website. Founded in 1842, Ryerson has around 4,200 employees in approximately 100 locations. Ryerson has a remaining lease term of 19.1 years, according to the brochure.

Ryerson announced the construction of the Midway Logistics Center in 2021 and emphasized the facility’s advanced processing capabilities across sheet, plate and long products. 

“The new plant in Centralia will bring us closer to our customers and offer additional value-added processing to support their business,” Ryerson’s West Region President Steve Bosway said at the time of the announcement. “Our investment in state-of-the-art equipment for plate, bar, and tubing products will spur growth in our Pacific Northwest markets as well as in the wider West Region.”