Panattoni JV Lands Full-Building Tenant in Suburban Seattle

FRED310. Image courtesy of Nelson Worldwide

Panattoni and a real estate fund advised by Crow Holdings Capital have found a tenant for an industrial facility in Frederickson, Wash., that’s currently under construction. The joint venture signed a long-term lease with Harbor Freight Tools , which will occupy a 782,875-square-foot building within the FRED310 industrial campus.

Panattoni and Crow Holdings received the approvals to start work on the multi-building FRED310 development in August 2022. The project is currently under construction and Harbor Freight’s occupancy will start once its building is complete in the summer of 2024. Cushman & Wakefield’s Scott Alan, Patrick Mullin and Connor Cree were in charge of marketing the project and represented the owners in the lease.

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The design of the facility caters to distribution and manufacturing needs, and Harbor Freight will use the space for distribution, according to Cushman & Wakefield. Harbor Freight’s building will be part of the first phase of FRED310, whose buildings will offer dock high and grade loading, 36- to 40-feet clear heights, car and trailer parking and large truck courts.

The building is located at the intersection of Canyon Road E. and E. 176th Street near Interstate 5, giving tenants a 30-minute drive to the Port of Tacoma, while being 45 miles away from the Port of Seattle. The area is already home to several corporate tenants, including Ikea, Ace Hardware, Amazon and Whirlpool.

FRED310 to bring 4 MSF of industrial space

Harbor Freight’s facility only represents a portion of Panattoni and Crow Holdings’ first phase of its FRED310 industrial project in Frederickson. When completed, the first phase will total 2.3 million square feet spread throughout four buildings. According to Panattoni, the joint venture currently has more than 1.3 million square feet of the first phase under construction and is expecting to deliver that much space by the first quarter of 2024.

The first phase is expected to be fully complete in the first half of 2024. The joint venture’s second phase of FRED310 will include three buildings ranging from approximately 450,000 to 750,000 square feet. Once fully built out, the overall project will total more than 4 million square feet.

Elsewhere in Washington, Panattoni is about to break ground on a 243,000-square-foot warehouse in Covington, Wash. Earlier this year, the company also announced plans to develop a 274,000-square-foot distribution facility in Surprise, Ariz., in the Phoenix metro.