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Seattle & Northwest  + Seattle  + Industrial  | 
CBRE Arranges $24M Sale of New Lacey Warehouse

CBRE Arranges $24M Sale of New Lacey Warehouse

CBRE has represented Panattoni Development Company and GLP Capital Partners (GCP) in the $24M disposition of Lacey Logistics, a 142,000-square-foot industrial building in Lacey, WA. The buyer preferred to remain confidential in the transaction.

The newly constructed cross-dock facility has 130’ truck courts, 30’ clear heights, dock-high and drive-in loading, trailer parking, ESFR sprinklers and heavy power. It is fully leased to three tenants: Morgan Transfer, Direct Export and Blue Line Foodservice.

“Despite the current market volatility, the Seattle area’s exceptional industrial fundamentals continue to prevail. We are delighted to have partnered with Panattoni and GCP on the sale of Lacey Logistics,” said CBRE’s Brett Hartzell who arranged the deal along with the firm’s Paige Morgan.

According to CBRE research, tenant demand continues to outpace supply in Puget Sound, with 3Q industrial vacancy dropping to 4.2% in the region, and just 2.6% in the Lacey submarket.

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Inside The Story

CBRE Brett HartzellPanattoni Development CompanyGLP Capital Partners

About Mark Nieto

Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.

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