Davis Property Inks Full-Building Lease Near Seattle

Toysmith will relocate its headquarters to this building. Image courtesy of Davis Property & Investment

Toy and gift manufacturing and distribution company Toysmith has signed a full-building, 159,055-square-foot lease in Pacific, Wash. The firm will relocate its headquarters from Sumner, Wash., to Pacific 167 Logistics, a recently completed industrial property owned by Davis Property & Investment. Cushman & Wakefield represented the tenant, while JLL negotiated on behalf of the landlord.

Pacific 167 Logistics is a one-story industrial facility at 541 W. Valley Highway S. The warehouse features 32-foot clear heights, ESFR sprinkler systems, a 7,500-square-foot office component, 30 dock-high doors, two grade-level doors and 154 parking spots.

The 8-acre property, located just west of Highway 167, is 9 miles from the Port of Tacoma and 20 miles from Seattle-Tacoma International Airport. The Port of Seattle is 30 miles away.

Cushman & Wakefield’s Scott Alan and Patrick Mullin negotiated on behalf of Toysmith. JLL’s Chris Spofford and David Cahill, the property’s leasing agents, assisted the landlord during negotiations.

After witnessing a cooldown in demand during the second quarter of this year, the Seattle industrial market saw small signs of improvement in July, according to a recent CommercialEdge report. The metro’s vacancy rate reached 4.2 percent, down 20 basis points over the month; meanwhile, the average asking rate registered modest gains, with rents growing only 8 percent year-over-year.

In one of the more significant deals of the second quarter, Tesla signed a full-building lease in Marysville, Wash. The electric vehicle manufacturer will occupy a 245,000-square-foot industrial property for its first facility in the Pacific Northwest area.