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.

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Image courtesy DPI.

“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.