Prologis Inc. has announced a $50 million redevelopment project for one of its industrial buildings in the Port of Tacoma. The logistics real estate firm, which owns over 160 properties totaling more than 25 million square feet in the Seattle area, plans to modernize and make sustainable improvements to Building 9 at 2602 Port of Tacoma Road.
According to reports from Puget Sound Business Journal, Prologis submitted pre-application documents for the project and stated that their customers are requesting more contemporary and eco-friendly logistics facilities with convenient access to the port. The existing building on site was constructed in 1962 and is currently valued at $4.5 million.
Prologis’ warehouses along I-5 near Port of Tacoma serve as a vital part of their portfolio within this submarket, as well as other locations including Seattle, Everett, Kent Valley,and Renton. A spokesperson for Prologis commented that they have received feedback from clients expressing a need for updated facilities with proximity to the port’s operations.
