Second Building Fully Leased Before Construction Concluded at New Sumner Ridge Development

Sumner Ridge header 1536x1040

Colliers International Team Arranges 116,572-SF Lease with CTE Warehousing

The Puget Sound Region is one of the country’s most dynamic industrial markets, with its Kent Valley submarket the locus of tenant demand due to its proximity to the ports of Seattle and Tacoma, central positioning in the Pacific Northwest, and excellent transportation infrastructure. CTE Warehousing’s recent commitment to Sumner Ridge’s Building A, 3400 West Valley Highway East in Sumner, WA, testifies to both the ongoing strength of this area and tenants’ preference for new construction in a stimulating setting.

Colliers International’s Bill Condon and Matt McGregor represented the developer, Bertch Capital Partners, in the 116,572-square-foot, long-term industrial lease to CTE at the building, which is under construction and projected for completion toward the end of the second quarter. The company, a Freight Management Partner that handles all aspects of the domestic supply chain, will occupy the entire warehouse property, relocating from at least one other location in the area.

This is the second building the Condon-McGregor team has pre-leased in the new Sumner Ridge development. Last year, they leased 112,100 square feet to Automatic Products before construction even commenced on the first proposed Class A warehouse in the complex. Their success at Sumner Ridge vindicates the faith the pair and Bertch Capital Partners had in the potential for the property, which many originally considered inappropriate for industrial development.

Mr. Condon commented that “The City of Sumner is in the heart of the Kent Valley industrial cluster, which makes it a preferred location for many industrial tenants. The fact that Sumner Ridge’s current projects are already fully leased speaks to the power of more than just new product. Sumner Ridge also offers unmatched views of Mt. Rainier, proximity to State Route 167 and the Port of Tacoma, and an unrivaled corporate setting with state-of-the-art facilities.”

NAI Puget Sound Properties’ Jeff Forsberg represented CTE Warehousing in the transaction. 
 

-- End –

About Colliers International

Colliers International (NASDAQ, TSX: CIGI) is a leading real estate professional services and investment management company. With operations in 68 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to maximize the value of property for real estate occupiers, owners and investors. For more than 25 years, our experienced leadership, owning approximately 40% of our equity, has delivered compound annual investment returns of almost 20% for shareholders. In 2019, corporate revenues were more than $3.0 billion ($3.5 billion including affiliates), with $33 billion of assets under management in our investment management segment. Learn more about how we accelerate success at corporate.colliers.com, Twitter @Colliers or LinkedIn. To see the latest news on Colliers International in the Puget Sound Region, follow @CI_PugetSound on Twitter or check out the website at www.colliers.com/seattle.

For further information, please contact:

Mary Ryan, Marketing Director
Colliers International
Phone: 206 223 1438
Email: mary.ryan@colliers.com


Related Experts

Bill Condon

Managing Director

Seattle

Bill Condon serves as an industrial specialist focused on representing tenants across the United States and abroad, in addition to overseeing Colliers’ Seattle office. His focus on representing corporate clients in multiple markets has allowed him to develop a high-level corporate real estate strategy for his clients that is unparalleled in the market.

Bill has experience negotiating a variety of complex real estate transactions including warehousing, corporate headquarters, manufacturing plants, and national distribution and logistics facilities. His passion for his clients and his work, along with his attention to detail and unique talent for continually creating value for his clients, has been key to his ability to lead the market in large transactions. Bill’s extensive market knowledge and commitment to achieve and exceed objectives make him invaluable to his clients and his ability to routinely “over-service” them is one of the reasons he continually outperforms his competition.

 

View expert

Matt McGregor

Executive Vice President

Seattle

​Matt McGregor specializes in representing industrial tenants across the United States and abroad. Having been involved in hundreds of transactions totaling more than 47 million square feet throughout his career, Matt approaches his work enthusiastically every day and holds himself to the highest level of accountability to his clients. He has unparalleled corporate experience in industrial commercial real estate, including warehousing, corporate headquarters, manufacturing plants, and national distribution and logistics facilities.
 
Matt’s primary expertise has been focused on transaction management, and he is highly instrumental in formulating and implementing real estate strategies that focus on not only cost initiatives, but also effective portfolio management strategies that drive success. In addition, Matt has directly managed strategic site selection, state and local incentives negotiations, detailed best-in-class financial analyses and Foreign Trade Zone initiatives. Matt is both certified in logistics and holds his SIOR designation. His wide array of past and present customers includes a list of blue chip clients such as Shutterfly.com, O’Reilly Automotive, Amazon.com, Principal Global Investors, Prologis, Clarion Partners and DCT Industrial.

View expert