Dalfen Industrial, of Dallas, has acquired a brand new three-building, 711,855-square-foot Class A industrial park in Frederickson, Wash., a suburb of Tacoma. The acquisition price in the off-market transaction was about $115 million, according to Colliers, which represented Dalfen in the deal.
The sellers were Panattoni Development Co. and Crow Holdings, according to a local media report.
The Tacoma Supply Chain Center is off of 176th Street and close to the major trucking routes of I-5 and SR-512, as well as the Port of Tacoma.
The project, known informally as Big Freddie, was completed in June and features a mix of dock-height and grade-level loading and can accommodate parking for more than 300 trailers.
Colliers’ industrial team of Bill Condon and Matt McGregor represented Dalfen.
Dalfen Industrial noted in a prepared statement that “Tenants are migrating south of Seattle’s Kent Valley submarkets in search of better value, newer/more functional product, and a stronger labor market.”
Dalfen President & Chief Investment Officer Sean Dalfen added that the park’s location provides outstanding last-mile fundamentals.
The Pierce County industrial space market leads the Seattle-Tacoma region in projects under construction and is seeing declining vacancy (to 7.6 percent), as 981,696 square feet of net absorption surpassed completions of 639,761 square feet, according to a second-quarter report from Kidder Mathews.
One of the submarket’s largest projects now underway is in Frederickson, an 862,1667-square-foot building by Logistics Property Co.
In February, Dalfen sold the 14-building Capital Center Industrial Park in metro Cincinnati for $51.3 million. The purchaser of the 896-523-square-foot asset was TradeLane Properties.
And last November, Dalfen was honored by Commercial Property Executive with the Gold award for Best Investment Transaction: Single Property for the purchase of the I-4 Logistics Center, in Seffner, Fla., in metro Tampa, Fla.