By Jack Stubbs
A number of multi-tenant and industrial properties have traded hands in the Pierce County city of Tacoma over the last several quarters, and another recent sale—this time for a two-building storage/warehouse property–indicates that interest in the city remains, heading towards the end of 2019.
On November 13th, in a transaction that was recently recorded, a two-building, 162,650 square foot warehouse property sold for $20 million, or around $122 per square foot, Pierce County records show. The buyer was WJLS LLC, an entity based in Knoxville, TN, and the seller was Emerald Real Estate LLC based in Gig Harbor, WA.
The subject property, located at 3025 Pioneer Way E—just south of the Port of Tacoma and Adjacent to Interstate-5, which connects the city with Federal Way and Renton to the north—comprises two adjacent buildings which total 162,650 square feet. The structures, built between 1992 and 2000, sit on roughly five acres.
The property is roughly four miles southwest of downtown Tacoma and eight miles west of Sumner, also sitting just a few miles south of downtown Federal Way.
In mid-August, Newport Beach, CA-based Panattoni Development Company, an international real estate developer, sold a 4.89-acre parcel—which includes a 101,396 square foot industrial building located at 5017 184th St. E—for $13.3 million to Sumner-based GSR Investments LLC.
