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April 17, 2024
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Washington State Industrial Investment Deal has a Price Tag of Almost $24 Mil


In a notable industrial trade out of the Pacific Northwest, Lacey Logistics, a 141.9k sf, Class A facility in Lacey, WA, sold for $23.8 mil ($168/sf). Lacey Logistics is located at 3130 Hogum Bay Rd NE in Thurston County, less than 1.5 miles from Interstate 5, about 35 minutes south of the Port of Tacoma, and 55 minutes south of downtown Seattle.

Completed in 2021, the cross-dock facility has 130-ft truck courts, 30-ft clear heights, dock-high and drive-in loading, trailer parking, ESFR sprinklers and heavy power. It is fully leased to three tenants: Morgan Transfer, Direct Export and Blue Line Foodservice.

Brett Hartzell and Paige Morgan with CBRE National Partners represented the seller, Panattoni Development Company and GLP Capital Partners (GCP). The buyer was not named.

Tenant demand outpacing supply pushed industrial vacancy rates lower in the Puget Sound region at the end of the third quarter, according to CBRE research. Vacancy dipped to 4.2% for the region and is even lower in the Lacey submarket (just 2.6%). Industrial investment sales picked up in the quarter, totaling $912.7 mil—nearly double the second-quarter’s volume of $469.2 mil.

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