Corebridge Real Estate Investors and Davis Property & Investment have completed the sale of Tacoma Central Logistics, an industrial distribution facility in Tacoma, Washington, for $55 million. The buyer is an Ares Real Estate fund, which acquired the fully leased property following the execution of a value-add development and lease-up strategy by the joint venture sellers.
Located at 1950 S. State Street in Tacoma, Tacoma Central Logistics totals 248,033 square feet of industrial distribution space. The facility sits on an approximately 13-acre site that previously served as the headquarters and printing facility of the Tacoma News Tribune. The original structure was built in 1974 and was acquired by the joint venture in 2021.
After acquisition, Corebridge Real Estate Investors and Davis Property & Investment undertook a redevelopment of the former newspaper facility into a modern logistics asset. The project was repositioned to meet institutional-quality standards and rebranded as Tacoma Central Logistics. The redevelopment was completed in 2023.
The business plan included both the physical transformation of the property and a lease-up strategy. Following completion of the redevelopment, the property achieved full lease-up, supported by the signing of a long-term lease. The building is now 100% occupied by Moose Toys, an Australian-founded global toy company that serves as the sole tenant.
In the sale transaction, CBRE represented the joint venture sellers. The CBRE team was led by Bret Hartzell and Charles Safley, who advised on the disposition to the Ares Real Estate fund. The transaction marks the exit for the joint venture following completion of the value-add business plan.
Ongoing property management at Tacoma Central Logistics will be handled by Marq Logistics, which has been selected to manage the industrial facility. With the sale, the property transitions from redevelopment and lease-up phase to a stabilized, fully leased distribution asset under new institutional ownership.
