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11/07/23
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A joint venture between Panattoni Development Company Inc and a real estate fund advised by Crow Holdings Capital has obtained $252.3 mil in construction money for the development of three industrial buildings totaling approximately 2.15 msf in Washington. The financing was provided by PCCP LLC.
The state-of-the-art, cross-dock distribution buildings, featuring 40’ clear heights, comprise the first phase of FRED310, a planned 310-acre, five-building industrial park totaling 3.7 msf. The project is located at Canyon Road E and E 176th Street in Fredrickson, WA.
The project includes two speculative warehouses, Building G (611.2k sf) and Building D (753.1k sf), and a build-to-suit, Building E (782.9k sf), for a national tool and equipment retailer. The three warehouse/distribution buildings are anticipated to deliver in summer 2024.
FRED310 benefits from connections to major transportation arteries, including I-5 via WA-512, which provides tenant access to greater Seattle and the west coast. The property has the potential for rail service and benefits from access to multimodal transportation channels, including the Port of Tacoma (30-minute drive), Port of Seattle (60-minute drive), and Seattle-Tacoma International Airport (47-minute drive). The City of Frederickson is 35 miles south of Seattle, 10 miles south of Tacoma, and is located within the 96% occupied, 73 msf Pierce County industrial market.
Eastdil Secured arranged the financing on behalf of Panattoni Development Company, Inc and Crow Holdings Capital.
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