Crow Holdings, Panattoni Secure $252M for Seattle-Area Megaproject

FRED310’s first phase will total nearly 2.2 million square feet. Image courtesy of PCCP LLC.

Crow Holdings Capital and Panattoni Development Co. have obtained $252.3 million in construction financing for the development of three industrial buildings totaling 2.2 million square feet in Fredrickson, Wash. PCCP LLC provided the financing, while Eastdil Secured worked on behalf of the joint venture to secure the funds.

FRED310 is an industrial campus set to ultimately include five buildings totaling 3.6 million square feet. The master-planned project occupies 310 acres at the intersection of Canyon Road East and East 176th Street. The developers received the State Environmental Policy Act approval for the project last year.

Cushman & Wakefield is handling marketing and leasing efforts for FRED310.

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The Class A development’s first phase consists of two speculative buildings—the 611,206-square-foot Building G and the 753,069-square-foot Building D—along with the 782,875-square-foot, built-to-suit Building E. Features include 40-foot clear heights, ESFR sprinkler systems, 3,000 amps of electrical power and 130-foot trailer court depths, as well as ample trailer and vehicle parking.

Leasing activity at the campus

Building E will be a build-to-suit for Harbor Freights Tools, which signed the lease this March. Another future tenant at the industrial park will be Floor & Décor, which committed to the upcoming 1.1 million-square-foot Building C in August 2022 in one of the largest industrial leases in the Seattle area of that year, according to a Cushman & Wakefield report.

FRED310 will provide easy access to the area’s major transportation arteries, including Interstate 5 and Washington State Route 512. The development site is 18 miles from Port of Tacoma, 35 miles from Seattle-Tacoma International Airport and within 49 miles of Port of Seattle. Additionally, FRED310 has the potential for rail service.

In September, Panattoni and PGIM Real Estate broke ground on North Creek Commerce Center, a 243,000-square-foot Class A industrial campus coming to Bothell, Wash. The three-building business park is scheduled for completion in July 2024.