By Meghan Hall
The second largest newspaper in Washington State has sold its home. In a deal that closed just before the end of August, Sacramento, Calif.-based The McClatchy Company sold its former Tacoma office for $15.5 million. The company owns The News Tribune, the second largest newspaper in the state of Washington.
Public records indicate that the buyer of the asset, located at 1950 S. State Street and 2331 S. 24th St., was an entity affiliated with Davis Property and Investment (DPI). The property was originally developed in 1974 and totals 236,000 square feet. The News Tribune moved out of the asset in May of this year; however, reports by the newspaper state that the company has been working off site since March of last year, when the COVID-19 pandemic hit.
In all, the building sits on 13 acres. The main building was about 60 percent industrial space and 40 percent office space. DPI intends to tear down the building and redevelop the property with a 248,000 square foot warehouse and distribution center, according to records. The project has been dubbed “Tacoma Central Logistics.”
DPI intends to break ground this month, with delivery for the project expected during the second quarter of 2022. The project is designed by Ronhovde Architects. Poe Construction, AHBL and Barghausen Engineering are also a part of the project team. Neil Walter Co. will handle the leasing of the building.
According to DPI, the firm has four other industrial and medical buildings in various stages of development. The value of its project pipeline is about $100 million. The firm has closed $55 million in deals over the past year, and currently has about 5 million square feet of real estate in its portfolio, which spans from Seattle to Portland.