DALLAS, TEXAS (October 4, 2023) Dallas-based industrial developer, Xebec, has broken ground on their first project in the Puget Sound market. Located in Fife, Washington, just a few miles from the Port of Tacoma, the 6.52-acre site is planned to feature an approximately 111,500 SF Class A industrial building which is being constructed on a speculative basis.
The 6.52-acre site located on Valley Avenue is an assemblage of four separate parcels. The parcels were all previously zoned Community Commercial (CC) before Xebec processed a Comprehensive Plan Amendment and simultaneous rezone to Industrial (I) to allow for Warehousing uses on the property.
Xebec’s Puget Sound market leader and Director of Acquisitions, Arya Ghazizadeh, was instrumental in identifying the opportunity and working with the city to achieve the rezone. “It’s no secret Fife has long been a foundational warehouse market to Puget Sound logistics. Its immediate proximity to the Port of Tacoma has caused many users to look at this market as one of the premier South Sound locations for warehousing. To be able to acquire a site with such great access and visibility on Valley Avenue as Xebec’s gateway project into the market is a major accomplishment for our firm.” Xebec began the CPA and rezone in March of 2022 and received final City Council approval in December of 2022.
“We are excited to announce our first project in Washington and to be a part of the growing industrial market in Puget Sound,” said Jay Soni, President of Xebec. “The location of this property is perfectly positioned to businesses looking for easy access to major transportation routes and two major ports. Our team is eager to bring this project to life and continue to provide top-tier industrial spaces for businesses across the country.”
The building will offer a variety of benefits, including being less than 2 miles from a full entry onto I-5, either North-bound or South-bound, less than 4 miles from the Port of Tacoma, as well as being less than 30 road miles from the Port of Seattle.
Industrial buildings remain in high demand and continue to be one of the highest performing asset classes in commercial real estate, despite recent economic headwinds. Xebec’s new development in Fife will not only help meet demand, but also provide a strategic location for businesses looking to grow their footprint in the Puget Sound area.
The project is set to complete in Summer of 2024. Xebec looks forward to continuing their growth and success in the industrial sector and growing commitment to expand its presence in the Pacific Northwest.
Since inception, Xebec has acquired and developed, redeveloped or repositioned industrial and logistics real estate projects totaling nearly 12.2 million square feet, and currently has 43 projects totaling approximately 15.4 million square feet in various stages of development. Xebec is modernizing our nation’s supply chain with properties ready for today’s tenants, anchored by a growing list of institutional capital relationships.