Land sale could give rise to new industrial campus in this part of Pierce County
An LLC associated with a regional commercial-development firm recently sold a bundle of parcels near Frederickson Town Center.
The parcels totaling nearly 41 acres are north and west of the intersection of Canyon Road East and 176th Street East. An LLC affiliated with Pallis Properties of Mercer Island sold the properties in mid-May for $45.5 million, Pierce County records show.
Pallis also developed the Frederickson Town Center retail site south of the planned industrial site.
The buyer was an LLC affiliated with Dermody of Reno, Nevada. Dermody is involved in e-commerce, logistics and industrial real estate acquisition, development and investment management, according to its website.
The parcel addresses include 17027, 17028 and 17414 Canyon Parkway E., and 5211 Canyon Circle E. The parcels as seen on Pallis’ website have been planned as Canyon Point Industrial Center, a three-building industrial park valued at an estimated $111 million to develop.
Chris Pallis, president of Pallis Properties, told Seattle’s Daily Journal of Commerce, “We were looking to build it ourselves, but we got a great offer. It came together well, but it took 10 years.”
Pallis did not respond to The News Tribune’s emailed request for comment.
A media representative for Dermody told The News Tribune via email on Tuesday that the developer did not have any information to share “at this time” on the project.
Dermody’s Northwest region spans five states and has concentrated its work in Seattle and Portland. Its website states that “Common industrial property types offered include warehouse space, e-commerce fulfillment centers, manufacturing space, distribution space and logistics real estate.”
In 2023, the firm acquired the three-building Bridge Point Lacey, renamed Lacey I-5 Logistics Center, for more than $132 million.
