CBRE Global Investors has bought three Class-A industrial buildings totaling 428,010 square feet, known collectively as Portside 55, in Tacoma, Washington. The purchase price was not disclosed.
Located at 1514 Taylor Way, Building A includes 155,100 square feet of space and Building B spans 51,900 square feet. Building C is located at 3401 Lincoln Avenue and spans 221,010 square feet.
“The Puget Sound industrial market is a highly desirable investment market and one that has high barriers of entry due to the scarcity of available land, port ownership of the land that is available, and high construction costs,” said Kim Hourihan, Chief Investment Officer – Americas Direct Real Estate Strategies and Fund Portfolio Manager for CBRE Global Investors.
“Portside 55 was completed in 2019 and is fully leased to four tenants that span a diverse set of industries. We believe that he property’s immediate access to the port and nearby freeways – in additional to the potential for direct rail service at the property – will allow Portside 55 to remain one of the area’s most sought-after industrial developments.”
The buildings feature 30’ to 32’ clear heights; 50’ X 50’ column spacing; large truck courts; a total of 91 dock doors; 289 total parking stalls; an ESFR Fire Suppression system; heavy power; and LED lighting. There is potential for railcar service directly at the property and flexible building configurations are available.
Situated 30 miles south of downtown Seattle, Portside 55 sits on nearly 20-acre site that is under a ground lease with the Port of Tacoma through 2067, with an available extension through July 2092.
The site is situated just off the I-5 freeway, providing unparalleled access throughout the metro area. The Seattle-Tacoma International Airport is a 35-minute drive from the property.