Bridge Level Lacey. Picture courtesy of Bridge Industrial
Industrial growth and funding agency Dermody Properties has bought Bridge Level Lacey, a three-building, 717,544-square-foot Class A industrial campus in Lacey, Wash., and rebranded it as I-5 Logistics Heart. In keeping with Thurston County information and CommercialEdge info, the agency picked up the asset for $132.1 million from Morgan Stanley.
The acquisition marks an addition to Dermody’s Pacific Northwest portfolio of greater than 1.6 million sq. ft, concentrated round Seattle and Portland, Ore.
Bridge Level Lacey, up shut
Bridge Industrial developed the campus between 2019 and 2020, on a 41-acre parcel located within the Hawks Prairie master-planned industrial park. Innovo Architects and Poe Development had been additionally a part of the venture; the previous supplied design and engineering companies and the latter served as common contractor.
Situated at 3300-3316 Hogum Bay Highway NE, the three industrial buildings measure 514,000 sq. ft, 110,00 sq. ft and 98,114 sq. ft, respectively. The amenities function 36- and 32-foot clear heights, a complete of 176 dock-high loading doorways and eight grade-level doorways, alongside 324 trailer stalls that embrace electrical car chargers.
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The campus was totally leased on the time of sale. Amazon is among the tenants, having leased 510,040 sq. ft at Constructing A in 2021, CommercialEdge knowledge reveals. Goal, The Dwelling Depot, Walmart and Costco additionally function amenities within the space.
Situated lower than 2 miles north of Interstate 5, the logistics heart is 30 miles of the Port of Tacoma, in addition to 45 miles from Seattle-Tacoma Worldwide Airport. Downtown Seattle is 55 miles northeast.
Seattle’s industrial power
Outdoors of California, Seattle is the most important industrial market within the Western U.S. In keeping with knowledge from a latest CommercialEdge report, the metro boasted a year-to-date transaction quantity of $180 million as of Might, alongside a pipeline nearing 6.4 million sq. ft and a emptiness charge of 4.0 %.
In Might, electrical car large Tesla signed a 245,000-square-foot lease for its first facility within the area, within the city of Marysville, Wash. The property will home a elements meeting and manufacturing plant.
One month prior, additionally on the leasing entrance, Harbor Freight Tolls inked a long-term lease for 782,875 sq. ft of area on the FRED310 industrial campus, an ongoing two-phase growth that can measure out at 4 million sq. ft.
