Pierce County mega warehouse on former Boeing land sells for $176 million
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- Building D at the FRED310 site sold to BentallGreenOak for a reported $176 million
- The 753,069-sq-ft warehouse signed tenants include GE Appliance and Japanese firm Kowa
- The $200 million Boeing land deal in 2021 enabled FRED310's multi-phase buildout
Just one building at the FRED310 industrial site has reportedly sold for nearly as much as what the then-undeveloped land traded for from Boeing to a developer.
In a transaction earlier this month, Building D, an industrial space encompassing 753,069 square feet, sold to international real estate investment firm BentallGreenOak (BGO), whose U.S. headquarters is in New York.
The property is at 6921 192nd St. E.
A BGO representative confirmed the purchase Monday evening in response to questions from The News Tribune, but offered no further details including price.
Sales information has not yet been posted online in the county’s property portal. Representatives from Cushman & Wakefield arranged the transaction and initially announced the sale in a release July 3, but without details on price or buyer.
A regional Q2 Industrial Market report from commercial brokerage Lee & Associates released this month shared transaction details. It reported that the sales price was $176 million in the report’s “notable transactions” list.
The Registry real estate website was the first to report on the sales details Monday.
The Pierce County Assessor-Treasurer online property portal lists the Building D property’s total assessed value as more than $119 million.
The Boeing Co. originally sold the 310-acre site to California-based commercial real estate firm Panattoni Development Co. as part of a larger round of Boeing property sales in the area in 2021. The site sold at that time for $200 million.
Panattoni partnered with a real estate fund advised by Crow Holdings Capital of Dallas in developing Fred310, an industrial campus planned for six buildings. Building D is leased to two tenants including GE Appliance. More recently Kowa, a Japanese manufacturer, was added as the second tenant for “general industrial warehouse use,” according to a filing in March with the Department of Ecology.
The umbrella Kowa Group includes divisions that encompass a broad set of entities, including pharmaceuticals and medical equipment and optical instruments, among other things.
Other entities at the campus include Harbor Freight’s distribution center in the site’s Building E, and Floor & Decor in Building C.
Building G remains to be leased at 611,000 square feet, and buildings A and B have yet to be built, completing the six-building site.
This story was originally published July 22, 2025 at 12:33 PM.
