Third Security Breaks Ground on Washington Industrial Park
At full build-out, the campus could total 800,000 square feet.
Third Security has begun the development of Moses Lake Commerce Center, a 42-acre, 800,000-square-foot industrial park in Moses Lake, Wash. Hansen-Rice Inc., investor and master planner for the development, is handling the project’s planning, design and construction.
During the first phase of development, a 108,000-square-foot, food-grade processing facility will be built over 10 acres. The remainder 32 acres could include up to five Class A speculative or built-to-suit assets totaling 692,000 square feet. Cushman & Wakefield’s Greg Millerd and Nic Alfieri, together with Keller-Williams’ Russ Roberts, are the project’s leasing agents.
Moses Lake Commerce Center is taking shape at the intersection of Randolph Road NE and Road 7 NE, in a Qualified Opportunity Zone. The property is just south of Grant County International Airport and 1 mile from Highway 17, providing direct access to Interstate 90.
The industrial sector, still going strong
Despite successive raises of interest rates, an unstable economic environment and high construction and labor costs, the nation’s industrial sector has continued to see strong fundamentals, including a 5.8 percent increase in rents, a 10-basis-point decrease in the average vacancy rate and nearly 714 million square feet of space under construction at the end of October, according to a recent CommercialEdge report.
The markets with the largest pipelines on a percentage of existing stock basis were Phoenix (46.6 million square feet under construction, 15.6 percent of stock), Dallas (66.7 million, 7.8 percent) and Indianapolis (24.2 million, 7.4 percent), the report shows. Although some of the sector’s largest players have taken a cautious approach to the new development pipeline and leasing, deliveries are expected to remain at an all-time high up until 2024.