Industrial Property Trust (IPT) made an agreement with Interfor Corp., a Vancouver, B.C.-based lumber company, to acquire a 58-acre former sawmill in Tacoma, WA. Tony Kusak with Cushman & Wakefield Commerce in Seattle was lead broker on the $32.4-million transaction.

The Denver-based buyer will use the land to develop the IPT Tacoma Logistics Center. Upon buildout, the two industrial buildings at 733 E. 11th St. will total 1.1-million square feet. The center is anticipated to deliver during Q1 2018. Kusak will handle leasing for the site.

The lumber mill was one of four Simpson properties Interfor acquired for $94.7 million in March 2015. Simpson was shut down a couple of months later, as it was unprofitable.

For comments, questions or concerns, please contact Amy Sorter