A Denver-based real estate investment firm has bought an empty distribution center in Sumner for $31 million.
Industrial Income Trust makes a business out of buying well-positioned "generic" centers in parts of the country primed to be distribution hubs, according to their website. The 440,000-square-foot Sumner Distribution Center was just built this summer, sits on 25 acres and has no tenant yet. It's located at 3700 150th Ave. Ct. E.
IIT's purchase is the institutional community's latest bet on Pierce County, said Scott Price, a broker at Tacoma's Neil Walter Co. who represented IIT in the sale.
Another Denver investor, DCT Industrial Trust, is planning two large warehouses in the Sumner area, he said, both without tenants.
"We haven't seen speculative construction like this since right before the recession," Price said. Both IIT and DCT's plans are a signal that the investment community believes the economy is rebounding and that Pierce County will benefit.