Dermody Properties Acquires Seattle-Area Industrial Park for $132M

Bridge Point Lacey. Image courtesy of Bridge Industrial

Industrial development and investment firm Dermody Properties has purchased Bridge Point Lacey, a three-building, 717,544-square-foot Class A industrial campus in Lacey, Wash., and rebranded it as I-5 Logistics Center. According to Thurston County records and CommercialEdge information, the firm picked up the asset for $132.1 million from Morgan Stanley.

The acquisition marks an addition to Dermody’s Pacific Northwest portfolio of more than 1.6 million square feet, concentrated around Seattle and Portland, Ore.

Bridge Point Lacey, up close

Bridge Industrial developed the campus between 2019 and 2020, on a 41-acre parcel situated in the Hawks Prairie master-planned industrial park. Innovo Architects and Poe Construction were also part of the project; the former provided design and engineering services and the latter served as general contractor.

Located at 3300-3316 Hogum Bay Road NE, the three industrial buildings measure 514,000 square feet, 110,00 square feet and 98,114 square feet, respectively. The facilities feature 36- and 32-foot clear heights, a total of 176 dock-high loading doors and eight grade-level doors, alongside 324 trailer stalls that include electric vehicle chargers.

READ ALSO: We Also Need to Amenitize Industrial. Start With the Break Room.

The campus was fully leased at the time of sale. Amazon is one of the tenants, having leased 510,040 square feet at Building A in 2021, CommercialEdge data shows. Target, The Home Depot, Walmart and Costco also operate facilities in the area.

Located less than 2 miles north of Interstate 5, the logistics center is 30 miles of the Port of Tacoma, as well as 45 miles from Seattle-Tacoma International Airport. Downtown Seattle is 55 miles northeast.

Seattle’s industrial strength

Outside of California, Seattle is the largest industrial market in the Western U.S. According to data from a recent CommercialEdge report, the metro boasted a year-to-date transaction volume of $180 million as of May, alongside a pipeline nearing 6.4 million square feet and a vacancy rate of 4.0 percent.

In May, electric vehicle giant Tesla signed a 245,000-square-foot lease for its first facility in the region, in the town of Marysville, Wash. The property will house a parts assembly and manufacturing plant.

One month prior, also on the leasing front, Harbor Freight Tolls inked a long-term lease for 782,875 square feet of space at the FRED310 industrial campus, an ongoing two-phase development that will measure out at 4 million square feet.