BLP Strengthens Presence in Seattle Market with Acquisition of 782,775-Square-Foot Class A Distribution Facility Fully Leased to Harbor Freight Tools
Pacific Northwest acquisition marks BLP's expansion into the Seattle-Tacoma industrial market, adding a newly built, trophy-quality logistics asset with long-term credit tenancy
Bridge Logistics Properties ("BLP") announced the acquisition of 6920 192nd Street, a 782,775-square-foot Class A distribution facility located in Frederickson, Washington, within the Seattle-Tacoma metro area. The transaction marks BLP's largest acquisition in the Seattle market to date, further establishing its presence in the Pacific Northwest.
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BLP's newly acquired trophy industrial facility in Frederickson, Washington, with Mount Rainier rising behind the 782,775-SF Class A distribution center.
Completed in 2024 and fully leased to Harbor Freight Tools on a long-term basis, the facility serves as a regional distribution center supporting its network of more than 1,600 stores nationwide.
Situated on 53.3 acres approximately 17 miles from the Port of Tacoma, the largest container port in the Seattle metro area, the property offers exceptional regional connectivity to the ports, major population centers, and critical transportation infrastructure throughout the Pacific Northwest. The planned SR 167 extension to the Port of Tacoma, expected to be completed by 2030, will further enhance connectivity and reduce drive times to the port.
The facility offers best-in-class, institutional-quality specifications, including:
- 40-foot clear height
- Cross-dock configuration with 152 dock-high doors and 4 grade-level doors
- Full concrete oversized truck courts
- 476 trailer stalls and 262 auto parking spaces
- 4,000 amps of power with expansion capability
- ESFR sprinklers and separate truck and auto entrances
"This acquisition reflects our conviction in premier logistics markets with durable long-term fundamentals and meaningful barriers to large-format development," said Paul Jones, Managing Director of BLP. "Frederickson has emerged as one of the Pacific Northwest's most prominent industrial hubs, and this facility stands alone in the market for its quality and scale. It is an ideal foundation for our long-term growth in the region."
Frederickson serves as a key extension of the Kent Valley and continues to attract large corporate users including Boeing, Amazon, IKEA, Whirlpool, GE, Ashley Furniture, and Floor & Décor, alongside deep institutional ownership. The market's supply pipeline has contracted sharply, with under-construction inventory down more than 60% year-over-year, positioning well-located, large-format Class A assets to benefit as demand strengthens.
The property was developed by Panattoni and delivered in 2024 as part of the larger Fred310 industrial development in Frederickson.
Jeff Chiate and Bryce Aberg of Cushman Wakefield facilitated this acquisition.
About BLP
BLP is a vertically integrated logistics real estate investment manager led by tenured, multi-disciplinary real estate professionals with experience navigating several economic environments over the past three decades. Its founding members and leadership team employ a disciplined investment strategy that is both cycle-tested and innovative. Founded in 2021, BLP is comprised of industrial real estate veterans with prior tenure at Brookfield, Prologis, IDI Logistics, Duke Realty, Hines and KTR Partners.
BLP is highly collaborative with its institutional capital partners. Leveraging its deep local relationships and its global operating experience, BLP uncovers and executes on investment opportunities in targeted coastal and gateway markets in the U.S. BLP executes its acquisition and development strategy in a vertically integrated regional structure across five offices located in New Jersey, Atlanta, Miami, Dallas and Los Angeles. Its steadfast focus on innovation and sustainable development promotes solutions that are both profitable and socially responsible. For more information, visit BridgeBLP.com.
About Bridge Investment Group
Bridge Investment Group is an affiliate of Apollo Global Management, Inc. (NYSE:APO) and a leading alternative investment manager, diversified across specialized asset classes. Powered by Apollo, Bridge combines its nationwide operating platform with dedicated teams of investment professionals focused on select real estate verticals.
Forward-Looking Statements:
This press release has been prepared solely for informational purposes and is not to be construed as investment advice or an offer or a solicitation for the purchase or sale of any financial instrument, property, or investment. It is not intended to provide, and should not be relied upon for, tax, legal, or accounting advice. The opinions, estimates, forecasts, and statements of financial market trends are subject to change without notice due to changes in the market or economic conditions. We believe the information provided here is reliable, but do not warrant its accuracy or completeness.
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Bridge Logistics Properties Contact:
Stacey Jones
Public Relations for BLP
(213) 925-8177
stacey@lavozmarketing.com
Bridge Investment Group Contact:
Charlotte Morse
Head of Investor Relations and Marketing
(877) 866-4540
charlotte.morse@bridgeig.com