SerpApi.Org
A portion of a massive commercial logistics campus in the Frederickson area has sold in the second-highest-priced Pierce County real estate transaction this year.
The FRED310 commercial parcel that is home to a Harbor Freight Tools distribution center traded hands in a sale recorded July 20, for $174.5 million.
Known as the site’s Building E, 6920 192nd St. E., the building was acquired by an LLC affiliated with Bridge Logistics Properties, part of Utah-based Bridge Investment Group.
Bridge Investment Group is an affiliate of Apollo Global Management of New York and is not connected with Chicago-based Bridge Industrial, the developer of the Tacoma mega-warehouse site in South Tacoma.
The seller was the two business entities affiliated with the site’s development partners, a joint venture between Irvine, California-based Panattoni and a real estate fund advised by Crow Holdings Capital of Dallas.
Harbor Freight officially signed on to the site in 2023.
The building is listed with the Pierce County Assessor-Treasurer’s office at 782,773 square feet, with a total building/parcel assessed value of $132.32 million.
Bridge Logistic’s national portfolio includes commercial sites at 1525 and 1607 45th St. E. in Sumner, which it acquired in 2022, according to county records.
FRED310, a 310-acre warehouse-logistics campus, is the result of an initial purchase by Panattoni Development from The Boeing Co. in 2021 for $200 million.
The recent sale comes in No. 2 among highest-priced transactions in Pierce County so far this year, with the top one being the April sale of the Ashley Furniture megawarehouse distribution site in the Spanaway-Frederickson area to Amazon for close to $200 million.
