By Meghan Hall
Prologis, one of the most well-known firms when it comes to logistics and industrial real estate, has purchased a key property at the heart of the Port of Tacoma. In a transaction that closed on June 24th, the company bought 1640 E Marc Street for $33.5 million, according to public documents. The seller was Fife, Wash.-based Tyee Management Company LLC, associated with the B. Corry and Donna J. McFarland Foundation.
The building is currently occupied by McFarland Cascade, a lumber manufacturing and distributing company who considers the Tacoma property its international headquarters. Data was not immediately available on the size of the building. While the property is denoted specifically as the asset that traded hands, it sits on a 43.196-acre site, also associated with Tyee Management Company. Public documents list the address of the acreage as 1640 Marc Ave.
The sale of the asset follows on the heels of several others that have occurred in Tacoma in recent months, as investors continue to see potential in industrial assets. At the beginning of May, another distribution center located near the Port of Tacoma traded for $42.45 million to Los Angeles, Calif.-based Industrial Realty Group.
Prologis has also been active throughout the region. According to its website, the company has more than 150 industrial buildings in the region for lease. The company is also involved in development: The company’s Georgetown Crossroads was completed in 2018 and totals 590,000 square feet. In September of last year, Amazon leased 500,000 square feet at the South Seattle development, with Home Depot signing up to take the remaining 90,000 square feet.
What Prologis’ future plans are for the E. Marc St. site are unclear; in April, the company announced that it would be halting spec developments around the globe. Currently, Prologis has 30 built-to-suit developments in progress, and 965 million square feet across 4,660 buildings in its portfolio. Altogether, its assets under management total $125 billion.