With an institutional capital partner, IDS Real Estate Group acquired 97 acres in Lacey, Washington for the development of a 1.3 million square foot logistics and distribution campus, now known as Hogum Bay Logistics Center (HBLC). The site is located in Thurston County and effectively serves the Seattle, Portland and greater Puget Sound Region. Two years earlier, IDS had identified the opportunity to acquire the site, performed the due diligence, perfected the entitlements and marketed the property for a 1 million square foot warehouse/logistics building.
Upon closing escrow IDS signed a large lease with, Uline, Inc, a privately-held leading distributor of shipping, industrial and packaging materials to businesses throughout North America. In addition to the Uline building HBLC is entitled to build two more warehouse buildings of 155,000 and 144,500 s.f. respectively.
Development of these two buildings is scheduled to begin in April 2018 with an estimated completion during Q4’18. IDS plans to build these two buildings on a speculative basis.