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June 08, 2018

Tacoma manufacturer sells waterfront property

Puget Sound Business Journal

Marc Stiles

A large Hylebos Waterway property near the Port of Tacoma has sold to CenterPoint Properties of Oak Brook, Illinois.

Public records show CenterPoint paid $16.7 million for 1840 Marine View Drive.

The 13.9-acre property site has rail and dock access, and CenterPoint said it plans to reposition the property as a container storage facility.

The seller and current occupant of the property, metal fabricator Jesse Co. sold the property and is leasing it back in a multi-year deal, President Philip Jesse said Friday.

Jesse Co. was founded 41 years ago and now has 90 employees.

The sale price works out to $27.58 per square foot. Land values in Pierce County typically range between $10 and $16 per square foot, according to a recent report from commercial real estate company Kidder Mathews.

The Kidder report notes that the Port of Tacoma is one of the county's development hotspots, and Pierce is one of the tightest industrial markets in the region.

The vacancy rate, however, increased half a percentage point to 2.7 percent last quarter.

Uncertainty in the form of rising trade tension hangs over international trade. The Northwest Seaport Alliance, which includes the Tacoma port, saw exports rise 3.3 percent year-over-year in April, with import volumes dropping 5.2 percent. Total international container volumes fell 1.1 percent.

For the full story, go to the Puget Sound Business Journal.

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