Logistics Property Company, a Chicago-headquartered logistics real estate platform, announced its first real estate development in the Puget Sound area. The company purchased a 210-acre site in Pierce County’s Frederickson Industrial Area, where it plans to build a 2.5 million-square-foot industrial park called Frederickson One.
“We’re excited to enter the Pacific Northwest market with this project,” said Dennis Rice, Logistic’s executive vice president, west region. “There continues to be tremendous growth in the Seattle-Tacoma region. Project tenants will benefit from our flexible building sizes and site layouts in one of the largest industrial development sites in the Puget Sound area.”
Development of Frederickson One will occur in three phases, according to Logistics. The first phase, which will develop 478,142 square feet of space, is expected to begin next spring and conclude by spring 2020. The second phase will develop 512,000 square feet. The third and final phase will develop the remaining 1.4 million square feet on 70 acres, and will allow for flexibility for potential build-to-suit tenants.
NELSON is the architect on the project. Scott Price of Neil Walter Company and Mike Avila of Pacific Rim Real Estate Group are partnering to lease the space.
With the addition of Frederickson One, Logistics Property Company estimates its properties have an end-value of more than $900 million. The company has offices in Atlanta, Dallas, Houston, and Los Angeles, and is opening future offices in Philadelphia, Miami and Seattle.