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 an 800,000 square foot lease with, Uline, Inc, a privately-held leading distributor of shipping, industrial and packaging materials to businesses throughout North America. The Uline building was completed on time and under budget in Q4’18.
In addition to the Uline building, IDS also constructed two more warehouse buildings, each totaling 150,000 square feet. These buildings, each built on a speculative basis, are now 100% leased to a diverse tenant base with staggering lease expirations.