TCC, MetLife Deliver Multi-Story Industrial Building Near Port of Seattle
A joint venture between Trammell Crow Co. and MetLife Investment Management wrapped up construction on Seattle Metro Logistics, a two-story, 702,429-square-foot industrial facility in Seattle. Bank OZK funded the development with a $105 million construction note, CommercialEdge data shows. CBRE handles leasing.
NELSON Worldwide provided architectural services, while Lease Crutcher Lewis served as general contractor. Construction began in 2022, and by September 2023 the project was in full swing, with the crew setting up the development’s 156 concrete tilt-up wall panels. Fast forward about seven months and the team topped out on the project.
The facility is Seattle’s second multi-story industrial building, Mark Netherland, managing director for Trammell Crow Co.’s Seattle office, said in prepared remarks. Seattle’s first—and also the nation’s—was Prologis’ Georgetown Crossings, a three-story, 589,615-square-foot industrial property also designed by NELSON.
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Seattle Metro Logistics encompasses roughly 350,000 square feet of industrial space on each of its floors. The two levels feature identical specifications, including 30-foot clear heights, 50- by 50-foot column spacing and a live load of 350 pounds per square foot.
Additionally, the warehouse’s depth reaches 289 feet while the truck courts range from 131 to 135 feet. To reach the second level, a wide earthen ramp measuring between 36 and 56 feet at a 6 percent slope was installed. Other features include 701 parking spaces and a solar-ready roof.
Located at 44 S. Nevada St., Seattle Metro Logistics is the largest logistics facility within 15 miles of downtown Seattle, according to Trammell Crow. The property is less than 3 miles from the Port of Seattle’s terminals and about 3 and 10 miles from the King County and Seattle Tacoma international airports, respectively.
CBRE Executive Vice Presidents Andrew Stark and Andrew Hitchcock handle marketing and leasing for Seattle Metro Logistics.
The Port of Seattle’s approach to incentivizing business
In 2021, the Port of Seattle Commission approved a long-term ground lease to Trammell Crow for the port-owned land upon which the facility rose. The deal also aided the port in its Century Agenda—an economic development partnership program.
The agenda served to provide local support through two-year grants awarded to fund projects and initiatives. The capital was set aside for projects that benefit small and emerging businesses, create jobs and foster business growth, among others.
Metro Seattle industrial deliveries to stall as vacancy rises
During the third quarter, developers brought online 2.1 million square feet of industrial space, according to a report by Cushman & Wakefield, as several major construction projects in Seattle wrapped up. This included the 783,000-square-foot Building E of Crow Holdings Capital and Panattoni Development Co.’s FRED310. Last year, the duo landed $252.3 million in construction financing for the 2.2 million-square-foot project.
The fourth quarter is set to witness the delivery of 1.5 million square feet of industrial product, Cushman & Wakefield adds, leaving 13.8 million square feet of industrial space in the planning and permitting stages. Much of the latter is unlikely to break ground beyond 2024, as rising construction costs hinder the feasibility of many shovels hitting dirt.
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