Dermody Properties has acquired the Meridian Campus Corporate Park in Lacey, a three-building site totaling 459,551 square feet on 18 acres.
Dermody plans to develop a new distribution building on the site, which will total 318,028 square feet, featuring 36-foot clear height and 80 trailer parking stalls. Construction is expected to begin in November 2017.
“Warehouse and distribution space between 30,000 and 300,000 square feet is very limited in the Seattle market, and especially in the Tacoma/Fife market,” said Phillip Wood, Northwest region partner at Dermody Properties. “So, we are pleased to have acquired these facilities and to have the opportunity to develop a new facility on the site.”
The three existing buildings at Meridian include 9107 Polaris Ln. (130,525 square feet), 9127 Polaris Ln. (130,525 square feet) and 9225 Polaris Ln. (198,501 square feet). All three buildings are Class A facilities featuring 30-foot clear heights. Each building has also achieved LEED Gold designation.
“The Pacific Northwest has several key demand drivers that make acquisitions like these attractive to Dermody Properties,” said Douglas Kiersey, Jr., president at Dermody. “The region’s consumer demand, labor pool, transportation infrastructure and local corporate stalwarts such as Microsoft, Google, Costco, Nordstrom and Boeing make it a highly desirable industrial market. The industrial park’s proximity to the Seattle and Portland markets will attract customers in need of Class A, regional distribution centers.”