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12/18/24
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In a Washington industrial buy, Inc paid $12.55 mil for an 80.2k sf ($156/sf) facility in Puyallup. The last-mile manufacturing and logistics facility is located at 403 N Levee Rd, 15 minutes from the Port of Tacoma and 35 minutes south of Downtown Seattle.
The property has undergone recent renovations, including roof repairs, exterior painting, asphalt, landscaping, and updates to the office space with new carpet and paint. It is fully insulated and features 21 trailer stalls, and a combination of eight dock-high and three grade-level doors, making it highly functional for manufacturing or logistics purposes.
The property is located near I-5 and the new Route 167 extension. It offers proximity to labor and demand with nearly $5.8 bil of annual e-commerce sales within 60 minutes of the property.
Puyallup is situated in the Tacoma/Fife submarket, the second largest submarket in the Puget Sound with 66 msf of inventory. This submarket is known for its high rent growth and low new supply. Over the past 12 months, Tacoma/Fife has experienced the highest net absorption of any Seattle submarket by a wide margin.
CBRE National Partners West’s Brett Hartzell and Paige Morgan, along with Andrew Stark, represented the seller in the transaction.
“This transaction underscores the strong demand for well-located, functional industrial properties in key logistics markets,” said Hartzell. “The Puyallup facility’s strategic location and recent renovations make it an excellent investment.”
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