Trammell Crow is putting the finishing touches on a 702,400-square-foot double-decker warehouse in the Port of Seattle.
The Dallas-based developer has topped out the two-story industrial building on Terminal 106 known as Seattle Metro Logistics, at 44 South Nevada Street, the Puget Sound Business Journal reported.
When completed in August, it will be the largest industrial facility of its kind within 15 miles of Downtown, according to its developer. It sits next to Highway 99, and is 1.5 miles from Interstate 5 and nine miles from Seattle-Tacoma International Airport.
The warehouse, with two floors of more than 350,000 square feet, targets last-mile and regional distribution to storage, maritime and manufacturing uses. It includes a 701-stall parking garage.
No tenants have been secured, and asking rates were not available, according to a Trammell Crow spokesperson. The firm declined to say the cost of development.
The new warehouse is within a region where the average age of buildings is 55 years, leasing broker Andrew Stark, who’s marketing the space with CBRE colleague Andrew Hitchcock, told the Business Journal.
That said, it may not be the best time to open such a big project, as the region’s market is in “a cooling off period, after unprecedented market growth over the last three years,” CBRE’s year-end market report said.
CBRE reported industrial vacancy in the market rose 0.3 percent to 8.2 percent in the final quarter of 2023.
— Dana Bartholomew
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