Panattoni plans warehouse on newly rezoned site in Frederickson
Friday, January 7th 2022
Panattoni Development Co. purchased an 8-acre property in Frederickson for $3.4 million in late December on which it plans to build an industrial warehouse.
The undeveloped site is on the northeast corner of Brookdale and Canyon roads East. It was sold by private investors.
Panattoni recently filed permits to build a 159,000-square-foot building and is planning to break ground in early spring, said Travis Hale, partner at Panattoni. It is set to deliver in second quarter of 2023.
“We are very bullish on the Frederickson market and our tenants appreciate all that it has to offer them,” Hale said. “Access to labor, access to the major ports via I-5 or Highway 167 and lower operating cost via lower power cost and land cost when compared to other markets.”
The site for the warehouse is more than a mile north much of the other recent industrial development in Frederickson.
Hale said the project will take advantage of Pierce County’s recent rezoning of the Canyon Road corridor. The “employment corridor,” or ECOR zoning, is for office and industrial uses in Fredrickson, Parkland-Spanaway, South Hill and the mid-county area.
Though much of Frederickson is already industrial, that wasn’t the case with this property, said Bjorn Brynestad, development manager at Panattoni. The rezoning made the project possible.
Its design will cater to owners “who are having a hard time finding smaller buildings,” Hale said.
Smaller industrial buildings range from approximately 50,000 to 160,000 square feet. The building could be divided and leased to two companies, but will most likely be leased to a single tenant.
A Kidder Mathews team is marketing the building.
Panattoni’s Tacoma office has a total of $2.5 billion worth of work under construction and more than $3 billion in its Pacific Northwest pipeline, with about 80% of that being in the Puget Sound area. It recently acquired a 310-acre site in Frederickson from Boeing where it is planning a developmen