CHICAGO--(BUSINESS WIRE)--Logistics Property Company, LLC (LPC), a logistics real estate platform focused on the acquisition, development and management of state-of-the-art modern logistics properties in key North American markets, today announces it has acquired a 210-gross-acre site for the development of a new 2.5 million square foot industrial park in Pierce County’s Frederickson Industrial Area. Located 60 minutes from the Port of Seattle and 25 minutes from the Port of Tacoma, the site offers primary access via the new six lane Canyon Road, as well as easy access to Hwy 512, I-5 and Hwy 167.
The SEPA approved site is zoned EC (Employment Center) and offers a wide variety of industrial development opportunities. The state-of-the-art development provides abundant truck trailer storage, ESFR fire protection systems, 36-foot to 40-foot-plus clear height, 56-foot wide private roads for easy truck and automobile maneuvering, direct access from 38th Avenue East and 200th Street East, access to heavy power and rail.
“We’re excited to enter the Pacific Northwest market with this project,” said Dennis Rice, LPC’s Executive Vice President – West Region. “There continues to be tremendous growth in the Seattle-Tacoma region. Project tenants will benefit from our flexible building sizes and site layouts in one of the largest industrial development sites in the Puget Sound area.”
The project, which has been named Frederickson One, is planned as a three-phase development with Phase I expected to start speculative construction in spring 2019 and deliver by spring 2020. Phase I will be 478,142 square feet and Phase II will be 512,000 square feet. Phase III consists of 70 acres for the development of 1.4 million square feet that provides complete flexibility for potential build-to-suit users. LPC is entertaining RFPs for the project.
NELSON, formerly known as Craft Architects, has been selected as the architect. Neil Walter Company's Scott Price and Pacific Rim Real Estate Group, Inc.’s Mike Avila have teamed to lease the project.
“It is fulfilling to contribute to the progression of the Frederickson Industrial market,” said Scott Price, Industrial Specialist, Neil Walter Company. “Infusing Logistics Property Company’s development expertise will result in a first-class distribution park that will solidify Frederickson’s presence in the South Sound Industrial Market.”
“After twenty years of planning and working with several owners, Pierce County, Port of Tacoma and the local community, we’ve achieved the expansion of fully developed property within Frederickson Industrial Area,” said Mike Avila, Principal, Pacific Rim Real Estate Group, Inc. “We’re thrilled to be working with Logistics Property Company to continue the economic development of the area.”
With the addition of the Frederickson project, LPC’s acquisition and development properties have an estimated end-value of over $900 million. LPC anticipates closing on properties in Pennsylvania, Georgia, Texas and the Midwest in the near term, as part of a development pipeline exceeding 20 million square feet. The company is targeting leading industrial markets across the US with strong population demographics and significant in-place infrastructure.
Headquartered in Chicago, LPC has offices in Atlanta, Dallas, Houston, and Los Angeles with office openings slated for Philadelphia, Miami and Seattle.
About Logistics Property Co.
Logistics Property Company, LLC (LPC) is a logistics real estate platform focused on the acquisition, development and management of state-of-the-art modern logistics properties in key North American markets. The management team of LPC partnered with Macquarie Capital Real Estate Investments (MREI) on the formation of the platform. LPC currently manages properties in key logistics markets including Dallas, Houston, Chicago and Seattle-Tacoma with an estimated end-value of over $900 million. Headquartered in Chicago, LPC has offices in Atlanta, Dallas, Houston, and Los Angeles with office openings slated for Philadelphia, Miami and Seattle.