Gordon Thomas Honeywell LLP, December 2016
GTH was lead counsel for client for PIT on land use and permitting for the development on the former Simpson sawmill site and was also local counsel on various real estate matters in the purchase of the property.
“The sale of this property makes way for a new, approximately 1.1 million-square-foot industrial development for warehousing and manufacturing companies to come into Tacoma, create jobs and provide tremendous opportunity,” according to Tony Kusak of Cushman & Wakefield Commerce, who was the lead broker on the deal.
Kusak will represent IPT in leasing the site at 733 E. 11th St. IPT buys and operates distribution warehouses leased to corporate customers.
“Given the historically low supply of Class A warehouses today and the flexibility of sizes this project will offer (60,000 square feet to over 1,100,000 square feet), we are confident in delivering another successful project to the market,” said J.R. Wetzel, managing director, Western Region Industrial Property Trust, in the release.
Redevelopment is set to be completed in the first quarter of 2018.
Excerpt of article by the News Tribune Archives and Staff Writer Kate Martin