Newmark Capital Markets has completed the sale of Fife I-5 Commerce Center, a newly developed, 250,490-square-foot industrial distribution facility near the Port of Tacoma in Fife, WA. The property is fully leased to Associated Materials, Inc., a leading U.S. manufacturer of vinyl siding and windows.
Newmark Capital Markets Co-Head of U.S. Capital Markets Kevin Shannon, Vice Chairman Nick Kucha, Executive Managing Directors Bret Hardy and Ken White, and Director James Childress represented the seller, a joint venture of Trammell Crow Company and The Carlyle Group. The buyer is a large institutional advisor.
The property construction was completed in October, 2017, and is situated on 14.95 acres at 2801 78th Avenue. The Class A asset includes 32’ clear height, 60 dock high loading doors, three grade doors, and has approximately 10,000 square feet of office space. It is situated in the highly desirable Port of Tacoma/Fife submarket in Pierce County, WA, which boasts premier logistical access to major arterials of Interstate 5, SR 167, and SR 512, as well as major distribution hubs of Port of Tacoma, Port of Seattle, Port of Everett, and Sea-Tac Airport.
“The Fife submarket continues to experience high tenant demand due to its highly efficient distribution channels. Maybe the only demand more insatiable, is that of institutional capital looking to acquire core, Class A industrial product in this appealing submarket,” said Hardy. “Fife I-5 Commerce Center was the first new, institutional-quality industrial property available for purchase, within a five-mile radius of the Port of Tacoma, since 2015. As a result, this high-quality project garnered a significant amount of capital interest.”
The Seattle region boasts one of the most vibrant economies in the United States and benefits from a unique confluence of capital and a highly educated workforce. With a critical mass of well-capitalized and innovative companies serving as global leaders in industries such as aerospace, biotechnology, global health, research, retail, software, technology, and wireless services, the Seattle metro is poised for tremendous growth over the coming years.
About Newmark Capital Markets
Newmark Capital Markets, operated by Newmark Group, Inc., is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, our 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents.
We provide access to a wide range of services, including asset sales, sale leasebacks, mortgage and entity-level financing, equity raising, underwriting and due diligence. The transactions we broker involve vacant land, new real estate developments and existing buildings. We specialize in arranging financing for most types of value-added commercial real estate, including land, condominium conversions, subdivisions, office, retail, industrial, multifamily, student housing, hotels, data center, healthcare, self-storage and special use. For further information, visit www.ngkf.com/capitalmarkets.
Newmark Group, Inc., which is listed on the NASDAQ Global Select Market under the symbol “NMRK”, is a publicly traded subsidiary of BGC Partners, Inc. (“BGC”), a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol “BGCP”. BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol “BGCA”.
Discussion of Forward-Looking Statements about Newmark
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