Davis Property & Investment in Kent announced it has sold two buildings in the Commerce Business Center in Lacey for $4.5 million.
It’s the second commercial real estate deal in the past 18 months at the Commerce Business Center, which is located along Willamette Drive NE near Commerce Place Drive NE. The complex consists of five buildings offering a total of approximately 58,000 square feet situated on five acres of property zoned for light industrial uses.
The Port of Olympia acquired three buildings for $6.5 million in June 2017. According to the Thurston County Assessor’s Office, Tacoma-based “2600 Commerce LLC” acquired the remaining buildings in November.
The business center’s mix of tenants include Prince Telecom, Right! Systems, Salish Sea Organic Liqueurs, Sierra Pacific Windows, and Stottle Winery & Tasting Room.
“These are extremely high-quality constructed buildings with an excellent tenant mix,” said Jeff Davis, founder and owner of Davis Property & Investment. “Lacey has been a great submarket for us over the last 20 years. We are taking this opportunity in the market to recapitalize into new ground-up development projects in Pierce and King County.”