Amazon has acquired a large industrial portfolio in the Frederickson area for $219.5 million.
The deal includes a more than 1-million-square-foot warehouse complex, along with approximately 20 acres of adjacent undeveloped land, according to the Puget Sound Business Journal. Ty Clarke and Todd Clarke of Kidder Mathews, along with Aaron Hodgdon of Hodgdon Group, represented Ashley in the transaction. Amazon was represented by Seattle-based KBC Advisors.
The site, located at 20623 34th Ave. E., spans roughly 53 acres and was developed in two phases. The initial 715,060-square-foot warehouse was completed in 2022, followed by a 395,094-square-foot expansion delivered in 2023. Together, the buildings total just over 1.1 million square feet.
The property was previously owned by Ashley Furniture Industries, which acquired the land in 2018 for $8.52 million. The Ashley Furniture Distribution Center in the Spanaway-Frederickson area opened its first phase in 2022, but the furniture dealer never moved into the newer expansion.