530,000-square-foot industrial complex coming to this Pierce County property
In May, The News Tribune reported the acquisition of nearly 41 acres in the Frederickson area by Dermody of Reno, Nevada. Dermody is involved in e-commerce, logistics and industrial real-estate acquisition, development and investment management, according to its website.
In a release Wednesday, Dermody outlined plans for a multi-building industrial center, complete with a new name.
'The fully entitled site will become LogistiCenter at Frederickson, housing two buildings – Building A and B — as well as a trailer lot,' the release stated. 'Building A will be a 443,420-square-foot facility, and Building B is 91,728 SF. The trailer lot will be 3+ acres.'
It added, 'Both buildings have broken ground, with delivery anticipated in the second quarter of 2026.'
Dermody acquired the site in May for $45.5 million from an LLC affiliated with Pallis Properties of Mercer Island.
Pallis also developed the Frederickson Town Center retail site south of the industrial property. Plans had envisioned what was then called the Canyon Point Industrial Center at the now-Dermody LogistiCenter site.
The news comes in the same week that The News Tribune reported that FRED310, a planned six-building industrial/warehouse complex also in the Frederickson area, sold its Building D to international real-estate investment firm BentallGreenOak (BGO) for $176 million.
Dermody's Northwest region spans five states. It has concentrated its work in the Seattle and Portland regions.
'The Tacoma-Fife submarket is one of the most sought-after submarkets in the region due to its proximity to skilled labor, a large consumer base and access to the Ports of Seattle and Tacoma,' said Ben Seeger, Northwest Region Partner at Dermody in the release. 'There is limited land available for development in this area and this was the best located developable land site of scale left in Frederickson, with great proximity to the major transportation networks in the region.'
Leasing brokers for the Dermody project are CBRE's Andrew Hitchcock, executive vice president; Andrew Stark, executive vice president and Zac Snedeker, senior vice president.
Previous reporting from The News Tribune contributed to this report.
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