Kidder Mathews has brokered the sale of the Smith-Western Building, a single-tenant industrial distribution facility in Tacoma, Washington. The 58,255-square-foot property is located at 2223 S. 80th Street and is fully occupied by Smith-Western Co., a wholesale distributor specializing in souvenirs and tourist merchandise. The transaction adds a stabilized industrial asset to the buyer’s portfolio in a period described as challenging for the market.
Executive Vice Presidents Matt McLennan, SIOR, CCIM, and Andy Miller of Kidder Mathews represented the seller in the disposition, while Doug Klein, SIOR, also of Kidder Mathews, acted on behalf of the buyer. Their roles on both sides of the deal underscore the firm’s presence in the regional industrial investment sales arena and its ongoing involvement with single-tenant assets.
Completed in 1993, the concrete industrial building sits on 2.44 acres and is designed for distribution and logistics operations. The facility offers a 24-foot clear height, which supports efficient racking and storage configurations for warehouse users. Loading and access are supported by nine dock-high doors, two grade-level doors, and three exterior levelers, providing flexibility for different truck types and loading needs.
The site also includes a secure fenced yard with outside storage, enhancing the property’s functionality for a wholesale and distribution tenant such as Smith-Western Co. The combination of clear height, dock configuration, and secured yard space positions the building to accommodate both current and future industrial use cases within the distribution sector.
The asset is fully leased to Smith-Western Co., which has occupied the building for more than 25 years. According to McLennan, the sale was brought to market amid historically high interest rates and elevated industrial vacancy. Despite these headwinds, the long-term tenancy and a new lease extending through 2031 provided the buyer with a stabilized income stream, supporting the completion of the transaction.
Kidder Mathews’ ability to source a buyer and close the transaction under these conditions highlights investor interest in industrial properties backed by long-term creditworthy tenancy. While specific financial terms of the deal were not disclosed, the emphasis on lease duration, tenant tenure, and occupancy underscores the importance of income stability in current industrial investment decisions.
