Realterm announced today that it has acquired Tacoma Gateway II, a newly built Class A final mile distribution facility. Totaling 273,816 square feet, the warehouse is located at 12005 Steele St. South, Tacoma, Wash., and is fully leased by a single tenant. In addition to the warehouse space, the asset features 2,300 square feet of office space, 61 loading positions, 152 parking spots and 217 trailer stalls. It sits on a 19.72-acre site and includes 4.77 acres of fenced space for future development.
“With a total of 4.3 million residents in the Puget Sound region which continues to grow , this new warehouse is advantageously located and will serve as a valuable addition to Realterm’s portfolio,” said Blair Duncan, Associate Vice President, West Region Acquisitions, Realterm.
Tacoma Gateway II offers immediate access to I-5 and highway 512. It is in close proximity to the Port of Tacoma and the Port of Seattle which link Asian markets to the United States and create a vital link to Canada and Alaska. SeaTac International Airport is 32 miles from the facility.
“We’re acquiring an asset that provides an excellent level of high flow-through functionality and enhances our portfolio,” said Stephen Panos, Senior Vice President, Fund Manager, Realterm. “Our robust network of well-located final mile warehouses in strong markets, like the Puget Sound region, are what set us apart from the competition and enable us to deliver value and continually meet the needs of customers and suppliers alike.”
CBRE represented Realterm and facilitated the sale.
Highlights of the property include:
•Square feet: 273,816 SF
•Land area: 19.72 acres
•Loading positions: 61
•Access: I-5 and Highway 512
Photos of the property can be found here and credited to CBRE.
Realterm is a real estate operator with a 30-year track record of executing niche private equity strategies at the intersection of the global supply chain and evolving consumption trends. Realterm currently manages over $9 billion in assets through five logistics-oriented private equity fund series: Realterm Airport Logistics Properties (RALP), an open-end fund investing into high flow-through (HFT) on-airport logistics real estate throughout North America; Realterm Logistics Income Fund (RLIF), an open-end, core-plus fund, and the Realterm Logistics Fund (RLF) series, a closed-end, value-added fund series, both of which invest into HFT surface transportation logistics real estate throughout the U.S.; Realterm Europe Logistics Fund (RELF), a closed-end, value-added fund series investing into HFT logistics real estate throughout Europe; and Interspace Logistics Parks (ILP), a closed-end, opportunistic fund series investing into warehouse and logistics real estate throughout the top industrial markets in India.