Dermody Launches Industrial Campus Near Seattle

Dermody is developing LogistiCenter at Frederickson, an industrial campus that will comprise two buildings totaling 535,148 square feet and a trailer lot with more than 3 acres in Tacoma, Wash. Both buildings have broken ground and delivery is expected by the second quarter of 2026.

The site is at 17027-17028 Canyon Parkway E. in the Tacoma-Fife submarket. The property is 10 miles from Interstate 5, but also 13.7 miles from the Port of Tacoma, 31.6 miles from the Seattle-Tacoma International Airport and 43.4 miles from the Port of Seattle.

Dermody acquired the site from Pallis Properties for $45.5 million, according to The News Tribune. Pallis had planned to build one more building at the site, intended to be 48,920 square feet.

Ben Seeger, Northwest Region partner at Dermody, declined to discuss the acquisition details but did note Dermody was planning a trailer lot instead of a third building at LogistiCenter at Frederickson. He told Commercial Property Executive multiple groups have already expressed interest in the space.

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“We envision a range of modern logistics, distribution and light manufacturing customers that can benefit from the flexibility and scale of the site. The larger building offers capacity for more expansive operations, while the smaller building could suit specialized or emerging companies looking for high-quality space,” Seeger mentioned.

CBRE is handling leasing for the project. The brokerage team includes Executive Vice Presidents Andrew Hitchcock and Andrew Stark, together with Senior Vice President Zac Snedeker. Brett Hartzell, vice chairman of CBRE’s National Partners Group, assisted in the acquisition.

LogistiCenter at Frederickson, up close

Seeger said Tacoma-Fife is one of the most sought-after submarkets in the region due to its proximity to skilled labor, large consumer base and access to the ports. He noted there was limited land available for development and this was one of the best located sites of scale left.

Upon completion, Building A will comprise 443,420 square feet. The facility will have a 40-foot clear height, 84 dock-high doors, four drive-in doors, 50-foot by 52-foot columns, a 130-foot truck court and ESFR fire safety system.

The smaller facility, Building B is to measure 91,728 square feet. It will feature a 32-foot clear height, 22 dock-high doors, two drive-in doors, 52-foot by 60-foot columns, a 135-foot truck court and ESFR fire safety system.

Other Dermody deals

Dermody is a Reno, Nev.,-based private equity investment firm focused exclusively on the national logistics real estate sector. The company’s Northwest Region spans five states, with a focus on Seattle and Portland industrial real estate.

One of Dermody’s properties in Greater Seattle is Lacey I-5 Logistics Center, a three-building, 717,544-square-foot, Class A property in Lacey, Wash. The firm acquired it from Morgan Stanley for about $132 million in 2023.

Also on the West Coast, Dermody recently purchased the 1.1 million-square-foot Building 1 at the Tripoint Logistics Center, a 300-acre master-planned industrial park in Lathrop, Calif. BGO had previously owned the Central Valley asset.

But Dermody is active on the East Coast as well. In June, it launched development of Port Wentworth Commerce Center, a 1,065-acre, 10 million-square-foot master-planned logistics project located about 6.5 miles from the Port of Savannah in Georgia. It is expected to be the largest near-port logistics development to begin construction in the Southeast this year.