Dermody Properties recently acquired an industrial campus in Lacey, Washington for $132 million. Developed by Bridge Industrial, the 717,000-square-foot property is located on the 3300 block of Hogum Bay Road Northeast and has been renamed Lacey I-5 Logistics Center. The price per square foot works out to roughly $184 and all three buildings were delivered between 2019 and 2020.
The site is fully leased with four tenants besides Amazon occupying it – including Olympia’s Mud Bay pet supplies – ranging from 98,000 to 514,000 square feet in size with Amazon leasing the largest building. Ben Seeger of Dermody’s Northwest region commented that “This project is strategically located and offers difficult-to replicate benefits for tenants within the land constrained Puget Sound industrial market” noting its significant trailer parking as well as multiple EV charging truck stall locations among other features which made it a desirable acquisition in such a competitive market.
