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November 17, 2018
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Black Creek Group Finishing Up on 1.3 msf of Industrial Developments in the Seattle Area

10/24/18

Denver-based Black Creek Group has two new industrial development projects in the Seattle-area submarket of Tacoma/Fife submarket. The projects, one of which was just completed while the other is underway, are comprised of three Class A distribution buildings and total more than 1.3 msf. Both developments are strategically located in the high-barrier to entry submarket and offer easy access to major distribution hubs such as the Ports of Seattle and Tacoma which, on a combined basis, is the third busiest seaport in the U.S.

“With companies like Amazon, Microsoft, Boeing and Starbucks calling the Greater Seattle area home, it is one of the fastest growing economies in the U.S. and the Tacoma/Fife submarket is one of the top performing in the area,” said Gregg Boehm, senior vice president of acquisitions and development for Black Creek Group. “For the past five years annual rental rate growth has averaged over 6.6% and when combined with the low availability of land for development, we believe we will continue to see growth in a market that is already performing well.”

The first project, Tacoma Logistics Center, was completed in Q1 2018 and consists of two buildings totaling 1.1 msf. The development is currently 40% leased. The second project, Sumner Distribution Center, is 229k sf in size and is currently under construction. The development is expected to be complete in Q4 2018. As of September 30, 2018, the company’s Greater Seattle area holdings total approximately 2.6 msf.

Tony Kusak of Cushman & Wakefield is overseeing leasing for Tacoma Logistics Center while Arie Solomon, Jeff Forsberg and Taylor Hoff with NAI Puget Sound Properties are handling leasing for Sumner Distribution Center.




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