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Industrial Site in Summit View Sells for $37.2M
23 Jun
Summary
- A two-building warehouse complex known as Canyon Road Commerce Center has sold.
- The property was acquired for $37.2 million on June 18.
- The buyer is an investment firm from Dallas, Lincoln Property.
A key industrial site in the Summit View/Frederickson area has been sold for $37.2 million. The Canyon Road Commerce Center, featuring two buildings with a combined area of approximately 274,690 square feet, changed hands this month. The transaction was officially recorded on June 18.
The buyer is an LLC linked to the logistics investment division of Lincoln Property, a real estate investment firm headquartered in Dallas. This marks a significant acquisition for the company, which is also involved in developing the Port of Vancouver (Washington) Terminal 1 project.
The seller was an LLC associated with Trammell Crow Co., also based in Dallas, which had developed the property in 2023. Pierce County records indicate the property's assessed value is just over $39 million, suggesting a sale slightly below its assessed worth.
