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July 2004 Greetings: Welcome to the second half of 2004. Industrial leasing activity was brisk in Pierce County during the first half with approximately 800,000 net square feet being absorbed in the now-nine million square feet of space this office tracks. In addition to Norvanco’s lease of 492,000 square feet at the Summit Building in the Sumner Corporate Park, Girard Wood Products took 100,000 square feet at Lakewood, Animal Supply took 78,500 square feet at Rainier East, Milgard’s Woodclad division took 60,000 square feet in the same park, BC Hothouse took 44,000 square feet at Pro Logis’ Fife Corporate Park and Print NW leased the 48,000 square foot Anderson News Facility in Lakewood. The second half of 2004 will not keep pace with the first half, because there isn’t enough vacant product. Schuler Properties’ Pierce County Industrial Vacancy rate is currently 5.1%. While Northwest Building Corporation (Fife Commerce Center) and Sumner Corporate Park are both building 380,000 square foot buildings on spec, neither will be available for delivery until year end, or early 2005. This past month, Schuler Properties closed the sale of the JAM Partnership’s 20 acres at 116th and Steele Street to Simon Johnson, LLC and put the Ostermann & Scheiwe Frederickson Property (100,000 feet of warehouse on 30 acres) under contract. We would like to announce several new listings: For Sale: the 38th Street Outback Plaza, located at 3121 South 38th Street in Tacoma is a fully leased retail center and potential future redevelopment opportunity with 46,000 square feet of buildings on approximately 4.5 acres. It is located on Tacoma’s main retail arterial, South 38th Street, which has easy access to I-5 and the Tacoma Mall. It is listed for $3,400,000.00. For Sale or Lease: The Buckley Medical Center located at 740 Main Street in Buckley. This vacant medical office building has 4,600 square feet of building space with 3,100 square feet of office. For Sale: Our 3301 Lawrence Street Building will be half vacant at year-end. Approx 60,000 sq ft total building, making this an ideal opportunity for a user-investor needing up to 35,000 square feet for themselves. For Lease: 2519 Pacific Highway East, 3,200 square feet; $1,400.00/month, NNN. For Lease: 2521 Pacific Highway East, 15,000 square feet; $6,000.00 blended. For Lease/Sale: 642 SE Pine Road, Port Orchard. Approx 1 acre of land with 2,300 square foot office/shop halfway between Gig Harbor and Port Orchard. For SubLease: 8202 South Tacoma Way, Tacoma. The former Trugreen building has 6,000 square feet available August 1st. Three dock high positions, one grade level door, small yard. For Lease: 407 Porter Way, Milton. 3.4 acre Industrial Yard, zoned M-1 with office trailers. Next to H & H Diesel with easy access to a Highway 99 / I-5. In closing, we hope you are enjoying the nice
summer weather and the improving economy. Developers, start your
building
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