Port Invests in Tideflats: Commission approves purchase of warehouse, office complex

The Port of Tacoma Commission has approved the purchase of a 3.93-acre property in the Tacoma Tideflats.

Purchased for $3.4 million from Labrador Ventures, LLC, the warehousing and office complex is located at 202 East “F” Street in Tacoma. The site is now leased to a wood products warehousing and distribution company.

According to Timothy J. Farrell, the Port’s Acting Executive Director, the property is now in industrial use and will remain in industrial use. “Given its industrial zoning, this property is well-suited for its current use.”

The Port is rebuilding its warehouse inventory to replace capacity being displaced by terminal development, said Port of Tacoma Commissioner Dick Marzano. “The Port actively considers the purchase of strategic properties throughout Pierce County to accomplish our economic development objectives. We believe that Tacoma’s revitalized waterfront and its nearby industrial areas can co-exist.”

The Port Commission purchase authorization allows the seller and buyer to structure a 30- to 45-day due diligence process with a final closing date of December 31, 2004.