Prologis Inks Seattle-Area Full-Building Deal
Prologis has signed a lease extension at its 228,256-square-foot logistics facility in Sumner, Wash., near the Port of Tacoma. East Bay Logistics will continue to use the entire facility as its distribution center. Cushman & Wakefield negotiated on behalf of the tenant.
Prologis acquired the industrial asset in 2019 for $36.1 million, from Exeter Property Group, according to CommercialEdge.
East Bay Logistics’ Sumner facility is at 4800 E. Valley Highway. Completed in 2004, the Class A industrial warehouse features 35-foot clear heights, T-5 motion sensor lights, 56 dock high doors, dock levelers and bumpers and 200 vehicle parking spots. The tenant provides distribution services for coffee, sugar and cocoa products for the Seattle, Los Angeles and the Bay Area markets.
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The 12-acre property is close to Interstate 5 and State Route 167. It is also 13 miles from Tacoma, Wash., 23 miles from Fort Lewis, Wash., 24 miles from Seattle-Tacoma International Airport and within 34 miles of Seattle.
Cushman & Wakefield Executive Managing Directors Jay Hagglund, Patrick Mullin and Scott Alan represented East Bay Logistics in the lease negotiations.
Among the priciest Western industrial markets
Seattle’s vacancy rate reached 6.7 percent as of March, a recent CommercialEdge report shows. Average in-place rents grew 8.5 percent year-over-year, to $11.13, with Seattle ranking fifth nationwide among the priciest metros.
Earlier in 2023, the same Cushman & Wakefield team were involved in another full-building lease near Seattle. Toysmith secured a 159,055-square-foot lease, relocating its headquarters to Pacific 167 Logistics, an industrial warehouse owned by Davis Property & Investment.
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