TACOMA, WASHINGTON – March 11, 2021 – A fund sponsored by CBRE Global Investors has acquired three industrial buildings, known collectively as Portside 55, in Tacoma, Washington. Situated 30 miles south of downtown Seattle in the Port of Tacoma, the Class-A industrial facility totals 428,010 square feet of industrial space and is 100% leased.
Located at 1514 Taylor Way, Building A includes 155,100 square feet of space and Building B spans 51,900 square feet. Building C is located at 3401 Lincoln Avenue and spans 221,010 square feet. The buildings feature 30’ to 32’ clear heights; 50’ X 50’ column spacing; large truck courts; a total of 91 dock doors; 289 total parking stalls; an ESFR Fire Suppression system; heavy power; and LED lighting. There is potential for railcar service directly at the property and flexible building configurations are available.
“The Puget Sound industrial market is a highly desirable investment market and one that has high barriers of entry due to the scarcity of available land, port ownership of the land that is available, and high construction costs,” said Kim Hourihan, Chief Investment Officer – Americas Direct Real Estate Strategies and Fund Portfolio Manager for CBRE Global Investors. “Portside 55 was completed in 2019 and is fully leased to four tenants that span a diverse set of industries. We believe that he property’s immediate access to the port and nearby freeways – in additional to the potential for direct rail service at the property – will allow Portside 55 to remain one of the area’s most sought-after industrial developments.”
Portside 55 sits on nearly 20-acre site that is under a ground lease with the Port of Tacoma through 2067, with an available extension through July 2092. The site is situated just off the I-5 freeway, providing unparalleled access throughout the metro area. The Seattle-Tacoma International Airport is a 35-minute drive from the property.
About CBRE Global Investors
CBRE Global Investors is a global real assets investment management firm with $122.7 billion in assets under management* as of December 31, 2020. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE). It harnesses the research, investment sourcing and other resources of the world’s largest commercial real estate services and investment firm (based on 2020 revenue) for the benefit of its investors. CBRE Group, Inc. has more than 100,000 employees serving clients in more than 100 countries. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com
*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers.