COVINGTON, Wash. (August 2018) – Vector Development Company, a Pacific Northwest commercial real estate development, investment and asset management firm, today announced it will build Soos Creek Business Park, a $45 million distribution center and self-storage facility located at 28009 Covington Way SE in Covington, Wash.
Developed by Vector, the 20.5-acre, 382,000-square-foot business park will feature two 130,000-square-foot industrial buildings, plus a 122,000-square-foot, three-story self-storage facility with approximately 950 units. Soos Creek Business Park is Covington’s first major industrial distribution center. Vector will seek distribution, warehouse and manufacturing tenants.
Pennon Construction has been selected as general contractor and Barghausen Consulting Engineers will provide civil engineering for the entire project. SynThesis will be the architect for the distribution center and Site+Plan+Mix will design the self-storage facility. Construction is scheduled to begin in the spring of 2019 and is expected to be completed by the end of 2019.
Tyler Litzenberger, president of Vector Development Company, says he expects to develop additional industrial projects throughout the Kent Valley and Tacoma. Located near Auburn, Sumner and the Port of Tacoma, Covington provides a strategic location for institutional, industrial development.
“With market vacancy at record lows and as rents continue to rise, the Covington area meets the demands of distributors and other businesses that want easy access to I-5, I-90 and Highway 167,” said Litzenberger. “In addition, the array of nearby amenities makes the location attractive for business and their employees and clients.”
Litzenberger founded Vector Development Company following years of executive commercial real estate leadership, including serving on the development teams for Opus, Duke Realty, and most recently for Panattoni Development Company. Some of his notable Washington projects include Fennel Creek Industrial Park in Bonney Lake, Washington Realtors Office Building in Olympia; and extensive involvement with Enterprise Center in Fife, Square One Distribution in Snoqualmie, Larsen Building in Sumner, and Auburn West Valley in Auburn.
Vector also is developing a 950-unit, Class-A, three-story self-storage industrial project in Tacoma, scheduled to break ground in March 2019.
About Vector Development Company
Based in Kirkland, Wash., Vector Development Company (www.VectorReCorp.com) is a Pacific Northwest commercial real estate development, investment and asset management firm. The company has a successful history of involvement with multiple suburban and high-rise office and industrial development projects. Vector offers build-to-suit development and asset management services, and invests and develops real estate for its own account, long-term hold or merchant projects.
