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Tacoma Gateway II’s Record Pricing is Well-Deserved, Says Broker
Tacoma Gateway II, a new 274,000-square-foot industrial development in Tacoma, recently sold to Realterm. The price was undisclosed but reports put it north of $85 million. Located at 12005 Steele St. South, Tacoma Gateway II is a class-A distribution building with dock-high and grade-level loading, 36-foot clear heights and more than 200 trailer parking stalls on an adjacent 4.77-acre yard.
Brett Hartzell with CBRE’s national partners group worked with Shawn Childs and Monte Decker in CBRE’s Tacoma and Seattle offices to represent the seller, a partnership between Panattoni Development Company and a private real estate fund advised by Crow Holdings Capital.
The property was completed in July 2021 and is fully leased to Unis LLC, a third-party logistics company.
“Tacoma Gateway II’s record pricing is well-deserved. Panattoni and Crow Holdings Capital saw where the market was headed and developed a project that anticipated the needs of future industrial users. Demand for trailer parking has grown exponentially in the past two years, yet sites with vast yard space like this are extremely rare in the Puget Sound region,” said Hartzell.
The site is located near the Port of Tacoma, and has immediate access to I-5 and Highway 512.
- ◦Sale/Acquisition
