Firm to develop 111,500-square-foot industrial building in Pierce County, its first in WA
A Dallas-based developer of industrial/warehouse properties has launched its first project in the state in Pierce County.
On Wednesday, Xebec announced it had broken ground on its planned Class A industrial building, approximately 111,500 square feet, in Fife.
Earlier this year, the city of Fife issued a mitigated SEPA determination of non-significance for the project, 7215 Valley Ave. E., according to Seattle’s Daily Journal of Commerce. That determination, under the State Environmental Policy Act, is issued in lieu of preparing an environmental impact statement (EIS) “when there is assurance that specific enforceable mitigation will successfully reduce impacts to a nonsignificant level,” according to the state Department of Ecology.
The triangular-shaped property is an assemblage of four parcels from four separate owners totaling 6.52 acres. They were purchased at the end of January for $5 million by an LLC affiliated with Xebec.
The project is being constructed on a speculative basis, according to Xebec, and is the company’s first development in Washington state.
“We are excited to announce our first project in Washington and to be a part of the growing industrial market in Puget Sound,” said Jay Soni, president of Xebec. “The location of this property is perfectly positioned to businesses looking for easy access to major transportation routes and two major ports.”
Xebec in its release said the project is scheduled to be completed next summer. It did not disclose details of the project’s cost. The company’s website shows it has developed sites across the United States, including in central Florida; Charleston, South Carolina; Columbus, Ohio; Dallas/Fort Worth; Los Angeles; New York/New Jersey; California’s Inland Empire; Louisville, Kentucky; Miami and Savannah, Georgia.
The Valley Avenue parcels were previously zoned Community Commercial before Xebec sought a Comprehensive Plan Amendment and simultaneous rezone to Industrial to allow for warehousing uses, the company said in a release issued Wednesday.
Xebec began work on the Comprehensive Plan Amendment and rezone in March of last year, receiving final approval from the Fife City Council in a split vote Dec. 13.
Council comments before the final vote highlighted several issues, including accommodating the parcel owners’ desire to sell while balancing additional warehouse development.
“It’s no secret Fife has long been a foundational warehouse market to Puget Sound logistics,” said Xebec’s Puget Sound market leader and director of acquisitions, Arya Ghazizadeh, in Wednesday’s release.
“Its immediate proximity to the Port of Tacoma has caused many users to look at this market as one of the premier South Sound locations for warehousing. To be able to acquire a site with such great access and visibility on Valley Avenue as Xebec’s gateway project into the market is a major accomplishment for our firm,” Ghazizadeh said.
