Portside 55’s Appeal Rests in Ground Lease with Tacoma Port
A fund sponsored by CBRE Global Investors has acquired three Tacoma industrial buildings, known collectively as Portside 55. The class-A industrial facility totals 428,010 square feet of industrial space and is fully leased to four tenants in a diverse industry set.
Located at 1514 Taylor Way, 30 miles south of downtown Seattle in the Port of Tacoma, Building A includes 155,100 square feet and Building B spans 51,900 square feet. Building C is located at 3401 Lincoln Ave. and spans 221,010 square feet.
“The Puget Sound industrial market is a highly desirable investment market and one that has high barriers of entry due to the scarcity of available land, port ownership of the land that is available and high construction costs,” said Kim Hourihan, chief investment officer for Americas direct real estate strategies for CBRE Global Investors.
Portside 55 was completed in 2019 and sits on nearly 20-acre site that is under a ground lease with the Port of Tacoma through 2067, with an available extension through July 2092. The site is situated just off the I-5 freeway and is 35 minutes from the Seattle-Tacoma International Airport.
Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM.
In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.