Panattoni breaks ground on Pierce County industrial project
Wednesday, September 11th 2024
The nearly $5.5 million land sale, in July, looked like a residential play, since the seller in a predominantly residential area was residential homebuilder NASH Cascadia Verde. But it turns out that the buyer at 14621 and 14719 170th Ave. E. was a venture of Panattoni Development and Brookfield Properties: TFI Phase I LLC.
Those two parties are planning the two-building Tall Firs Industrial Park, they just announced, with about 216,243 square feet. And that speculative project, designed by Synthesis, broke ground this week under Poe Construction. Completion is expected in the second quarter of 2025.
The roughly 11.5-acre site is south of Highway 410 and Bonney Lake, in the huge Tehaleh development, where NASH — aka North America Sekisui House — is a partner with Brookfield.
Thus far, Tehaleh has been mostly been single-family housing tracts, with some commercial exceptions. NASH and Newland Communities rescued the troubled original Cascadia project from bankruptcy in 2011. Beginning in the 1990s, with some 4,700 acres of former Weyerhaeuser land, Tehaleh is anticipated to create over 5,000 homes. It now has around 8,700 residents, two elementary schools, some retail and much open space.
Brookfield’s Scott Jones said in a statement, “The project provides more opportunity for residents to work in Tehaleh and live nearby. We’re excited about the potential for job growth. We expect commercial interest in Tehaleh to continue growing.”
Panattoni’s Travis Hale added, “We are thrilled to work with Markaz and Brookfield Properties to bring this product to Tehaleh.”
Markaz is an asset manager and investment bank in Kuwait. It’s a capital partner in Tall Firs. Piece County records indicate an acquisition loan in July from Vectra Bank Colorado.
Hale continued, “Local businesses need this type of space with Class A amenities to run their businesses efficiently. The Tehaleh community is booming. Tall Firs Industrial Park allows businesses to grow without adding a long commute for employees.”
Tehaleh has, according to the developers, about 475 acres zoned for commercial and industrial use. About 112 acres of that has been dubbed the Commerce Center.
The latter, says Brookfield, includes Tehaleh Business Park East, with a self-storage facility and pet resort; and Canyon View Village Center, where retail, restaurants and other uses are encouraged.
As for the Tall Firs Industrial Park, NAI Puget Sound Properties is representing the space. The brokers are David Douglas, Kyle Schipper, Arie Salomon and Kent Channing. Leasing materials offer spaces in a range from 7,429 to 130,151 square feet. Building A will have 130,151 square feet, and Building B 86,092 square feet. Both will have many dock-high doors.
The developers say that Tall Firs is near the recently opened headquarters building for C.C. Edwards Construction.