A 40-acre site in Frederickson, an area southeast of Tacoma, has been sold to Ashley Furniture Industries for $8,525,000, Davis Property & Investment (DPI) and Schuchart Hutchinson announced last week.
The property, called Frederickson 40, is fully land use entitled and suitable for a bulk distribution or specialty building up to 900,000 square feet, according to DPI. The site’s zoning also allows for outside storage. Nearby businesses include Ikea, Boeing, Whirlpool, and Best Buy.
“The Frederickson sub-market has seen exponential value appreciation over the last 24 to 36 months,” said DPI founder and owner Jeff Davis. “We are pleased with our short-term investment in that sub-market and are looking for more opportunities in the surrounding area. Although we created the value on this particular project by completing the land use process, which resulted in a land sale, we would aggressively pursue more ground up development as opportunities arise.”
DPI manages commercial real estate assets in the Pacific Northwest region, from Seattle to Portland.