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Lincoln Property Company Acquires 275K-SF Puyallup Industrial Campus
JLL announced that Lincoln Property Company’s Logistics Fund II has acquired Canyon Road Commerce Center, a 275,000-square-foot industrial campus in Pierce County, Washington.
As part of the acquisition, Lincoln has appointed JLL as the property’s exclusive leasing agent, launching a leasing initiative aimed at attracting advanced manufacturing, aerospace, logistics and distribution users across the South Sound.
Canyon Road is the third acquisition for Lincoln Logistics Fund II. The fund has secured more than $280 million in capital commitments from two institutional investors, alongside Stone Point Capital and Lincoln employees. Leasing for Canyon Road will be led by JLL’s Chris Spofford, Bill Honsaker, Scott Carter and David Cahill.
Located at 5103 136th Street E. in Puyallup, the property was acquired from Trammell Crow Company and an affiliate of CBRE Investment Management. “The Pacific Northwest continues to demonstrate the long-term fundamentals we seek as investors, including sustained population growth, a highly skilled workforce and a diverse industrial economy,” said Gary Kobus, Co-Head of Logistics and Senior Managing Director at Lincoln.
