Los Angeles, CA, October 18, 2022 – A joint venture of PCCP, LLC and Panattoni Development Company, Inc. announced today it has begun development of Green Acres Distribution Center, a 30’ clear height, rear-loaded distribution building totaling 192,078 square feet (sf). Located on 9.8 acres at 17770 East Euclid Avenue in Spokane Valley, WA, the speculative Class A project is expected to complete in Q3 2023.
“We believe this facility will provide state-of-the-art warehousing and distribution product in a market that consists predominantly of older assets that lack the modern features desired by today’s users,” said Dorian Farhang, Senior Vice President with PCCP. “We are pleased to once again partner with Panattoni on the development of a modern industrial facility within a region experiencing job and population growth and subsequently heightened user interest and demand.”
The site is 12 miles east of downtown Spokane in an established industrial corridor with the majority of the existing product comprising approximately five million sf within Spokane Industrial Park, a former military base developed during World War II. This industrial park consists primarily of metal buildings with lower clear heights. Despite this outdated inventory, the submarket is almost completely occupied with a vacancy of just 0.5%. New product to the submarket has been met with strong tenant demand over recent years and large users such as Amazon have been establishing a presence there. In August 2021, Panattoni completed the development of a 1.1 million sf build-to-suit facility for Amazon.
“Green Acres Distribution Center is an important addition to the market in our view,” said Donnie Belk, Development Manager for Panattoni Development. “The new facility will offer a product type that is scarce in Spokane where demand remains high for distribution.”
The area is attractive to distribution users as it provides an abundant nearby labor pool; access to I-90, the major east-west highway that serves the MSA; and is flanked on both sides by the Union Pacific and Burlington Northern Santa Fe (BNSF) railroads.
Spokane is the largest population center in the Pacific Northwest between Seattle and Minneapolis making it attractive to companies seeking to reach customers in the region. The market also offers air transit capabilities through Spokane International Airport and can receive shipped inventory from Seattle’s ports via I-90, providing a variety of supply chain options for tenants.
About PCCP, LLC:
PCCP, LLC is a real estate finance and investment management firm focused on commercial real estate debt and equity investments. PCCP has $20.1 billion in assets under management on behalf of institutional investors. With offices in New York, San Francisco, Atlanta, and Los Angeles, PCCP has a 24-year track record of providing real estate owners and investors with a broad range of funding options to meet capital requirements. PCCP underwrites the entire capital stack to exploit inefficiencies in the market and provide investors with attractive risk-adjusted returns. Since its inception in 1998, PCCP has managed, raised or invested over $35.0 billion of capital through a series of investment vehicles including private equity funds, separate accounts and joint ventures. PCCP continues to seek investment opportunities with experienced operators seeking fast and reliable capital. Learn more about PCCP at www.pccpllc.com.
About Panattoni Development Company:
Founded in 1986, Panattoni Development Company, Inc. is one of the largest privately held, full-service development companies in the world. Panattoni is headquartered in Newport Beach, California, and operates from 48 offices in the United States, Canada and Europe. Since inception, Panattoni has developed more than 550 million square feet of space including more than 211 million square feet of build-to-suit projects. Panattoni has developed industrial, office, and flex facilities in 310 cities located in 29 states and nine countries.