Industrial park developers close deal on $158 million land purchase in Tacoma
Story has been updated with additional comment, details from Bridge Industrial.
Another massive land sale in Pierce County, this time in Tacoma, adds to the list of high-priced sales in Pierce County so far this year.
Bellevue-based Bridge Point Tacoma LLC, part of Chicago-based Bridge Industrial (formerly Bridge Development Partners), on Sept. 27 closed on the purchase of nearly 20 vacant parcels in the South Burlington Way area from BNSF Railway Co. of Fort Worth for $158.3 million, according to purchase documents filed with the county.
The developers in February filed a pre-application with the city of Tacoma for a project called Bridge BNSF Industrial Facility at 4802 S. Burlington Way. No further permit activity has been filed at that address.
According to the pre-app information, construction was estimated at that time to start in June of next year, with initial permits to be filed in January.
Representatives of Kidder Mathews represented Bridge in the transaction, and have been retained for overseeing leasing assignment, according to a statement from the firm also released Wednesday. Marketing of the site started in March, according to the agency.
New details were released Wednesday by Bridge Industrial about its plans for the 160-acre Tacoma site.
Bridge Point Tacoma 2MM is to be developed as a 2.5 million square-foot state-of-the-art industrial site, consisting of four buildings along with 20 acres of trailer storage space.
“The project can cater to tenant requirements from 100,000 square feet to 1.5 million square feet,” the company said Wednesday. “Bridge will break ground on the state-of-the-art industrial campus in August of 2022 and expects to deliver the project in the summer of 2023.”
News of the sale was first reported at The Registry real estate website on Sept. 27.
The sale ranks among the top priced transactions in Pierce County so far this year, following Boeing’s recent Frederickson-area sale of its undeveloped parcels to commercial real estate firm Panattoni Development Co. for $200 million.
Bridge has become one of the more prominent industrial park developers in the area.
In March it acquired property near the new Amazon delivery station in Lakewood, to be developed as Bridge Point Lakewood 90, in a joint venture partnership with Pacific Coast Capital Partners (PCCP LLC) of Los Angeles.
In December, Bridge purchased 117 acres in Milton to develop as Bridge Point I-5 Seattle.
In December 2019 it acquired the former Supervalu site in Auburn, Bridge Point Auburn 200.
Bridge first established its Seattle-area office in 2018.
“As more e-commerce, technology, and logistics users flock to the Pacific Northwest — and the Greater Seattle region in particular — Bridge is excited to bring such a strategically located development of this scale to market,” said Justin Carlucci, Partner for Bridge’s Northwest Region, in a statement Wednesday.
This story was originally published September 28, 2021 at 12:22 PM.
