{"id":1004677718,"date":"2023-08-29T06:50:43","date_gmt":"2023-08-29T14:50:43","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004677718"},"modified":"2023-08-29T06:50:44","modified_gmt":"2023-08-29T14:50:44","slug":"davis-property-inks-full-building-lease-near-seattle","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/davis-property-inks-full-building-lease-near-seattle\/","title":{"rendered":"Davis Property Inks Full-Building Lease Near Seattle"},"content":{"rendered":"<div id=\"attachment_1004677724\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/08\/Pacific-167-Building-Renderings-2-sca-e1693218477953.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004677724\" data-attachment-id=\"1004677724\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/davis-property-inks-full-building-lease-near-seattle\/pacific-167-building-renderings-2-sca\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/08\/Pacific-167-Building-Renderings-2-sca-e1693218477953.jpg\" data-orig-size=\"1924,1442\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Pacific-167-Building-Renderings-2-sca\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/08\/Pacific-167-Building-Renderings-2-sca-e1693218477953.jpg?w=1024\" class=\"wp-image-1004677724 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/08\/Pacific-167-Building-Renderings-2-sca-e1693218477953.jpg?w=300\" alt=\"Pacific-167-Building-Renderings-2-sca\" width=\"300\" height=\"225\" \/><\/a><p id=\"caption-attachment-1004677724\" class=\"wp-caption-text\">Toysmith will relocate its headquarters to this building. <em>Image courtesy of Davis Property &amp; Investment<\/em><\/p><\/div>\n<p>Toy and gift manufacturing and distribution company <strong>Toysmith<\/strong> 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 <strong>Davis Property &amp; Investment<\/strong>. <strong>Cushman &amp; Wakefield<\/strong> represented the tenant, while <strong>JLL<\/strong> negotiated on behalf of the landlord.<\/p>\n<p>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.<\/p>\n<p>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.<\/p>\n<p>Cushman &amp; Wakefield\u2019s Scott Alan and Patrick Mullin negotiated on behalf of Toysmith. JLL\u2019s Chris Spofford and David Cahill, the property&#8217;s leasing agents, assisted the landlord during negotiations.<\/p>\n<p>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 <a href=\"https:\/\/www.commercialedge.com\/blog\/national-industrial-report\/\" target=\"_blank\" rel=\"noopener\">recent CommercialEdge report<\/a>. The metro&#8217;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.<\/p>\n<p>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 <a href=\"https:\/\/www.commercialsearch.com\/news\/tesla-leases-seattle-area-facility\/\">first facility in the Pacific Northwest area<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A toy manufacturer will relocate its headquarters to the newly completed property.<\/p>\n","protected":false},"author":2991,"featured_media":1004677724,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,21748,21742,1610,15],"tags":[34908,52145,32796],"class_list":["post-1004677718","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-industrial","category-latest","category-seattle","category-west","tag-cushman-wakefeld","tag-davis-property-investment","tag-jll"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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