JLL has announced that Lincoln Property Company’s Logistics Fund II has acquired Canyon Road Commerce Center, a 275,000-square-foot industrial campus in Pierce County, Washington. The property, located at 5103 136th Street E. in Puyallup, expands the fund’s footprint in the Pacific Northwest industrial market.
As part of the transaction, Lincoln has appointed JLL as the property’s exclusive leasing agent. The firm is launching a targeted leasing initiative focused on attracting advanced manufacturing, aerospace, logistics and distribution users from across the South Sound industrial corridor.
Canyon Road Commerce Center marks the third acquisition for Lincoln Logistics Fund II. The fund has secured more than $280 million in capital commitments from two institutional investors, along with commitments from Stone Point Capital as well as Lincoln employees, underscoring the vehicle’s capital base for logistics-focused investments.
The leasing assignment for Canyon Road Commerce Center will be led by a JLL team of brokers including Chris Spofford, Bill Honsaker, Scott Carter and David Cahill. Their mandate is to position the multi-building industrial campus to capture demand from a mix of industrial and logistics occupiers seeking modern space in the region.
The property was acquired from Trammell Crow Company and an affiliate of CBRE Investment Management, according to JLL. While specific pricing details were not disclosed, the transaction reflects ongoing institutional interest in well-located industrial assets in key distribution corridors of the Pacific Northwest.
Commenting on the broader market backdrop, Gary Kobus, Co-Head of Logistics and Senior Managing Director at Lincoln, said that the Pacific Northwest continues to demonstrate the long-term fundamentals the firm targets as an investor. He cited sustained population growth, a highly skilled workforce and a diverse industrial economy as core attributes supporting the region’s appeal for logistics and industrial investment.
With Canyon Road Commerce Center now under the umbrella of Lincoln Logistics Fund II and JLL engaged on the leasing front, the campus is positioned to benefit from the fund’s capital, the sponsor’s logistics expertise and JLL’s regional leasing platform as industrial users continue to evaluate space options in the South Sound.
