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NAI PSP Represents CTE Logistics in 117K SF Warehouse Lease

NAI PSP Represents CTE Logistics in 117K SF Warehouse Lease

Sumner Ridge, Building A

116,572 SF

Tenant Representation

Situation

CTE Logistics is a 3PL based in Washington State. They handle all aspects of the domestic supply chain, from port pickup to warehousing and delivery. For over six years, CTE has relied exclusively on the expertise of Jeff Forsberg and Arie Salomon for tenant representation on multiple transactions including four building leases and 3 short-term leases. When two of their building leases were due to expire, they once again called on Jeff and Arie to help them find a new space that fit their needs.

“We feel their market expertise and core values provide our company with a true partner,” Todd Lytle, President of CTE explained. “Their guidance has enabled us to look at all aspects and concerns of each opportunity with confidence.”

The lease expirations presented an opportunity for CTE to find a long-term solution that would allow them to consolidate a big portion of their operations under one roof. Merging the two facilities would increase their team’s efficiency and reduce cost. The ideal property would be a free-standing warehouse with approximately 120,000 SF to accommodate all the inventory from the two current leases and the flexibility to control the office buildout. Furthermore, they needed to be located in close proximity to their other location at Cascade Distribution Center in Sumner and be fully operational by July 2020.

Action

Jeff and Arie followed a proven process they have developed from years of experience. “Our aim is to take out a lot of the risk and uncertainty from the transaction,” Jeff explained. After evaluating the market to find the best locations for their client, they sent out a Request for Proposal to multiple landlords and identified four viable options. The Kent Valley is one of the tightest industrial markets in the nation; negotiating with multiple landlords created leverage for CTE to get the best lease term possible.

After reviewing a myriad of factors including finance and functionality, CTE decided Sumner Ridge was the home they wanted for the next ten years or more. Sumner Ridge, Building A is a 116,572 SF new construction in Sumner located 13 miles east of Tacoma and 22 miles south of Seattle-Tacoma International Airport and has spectacular views of Mount Rainier.

CTE signed the lease with Bertch Capital Partners in February 2020. The property is currently under construction and is scheduled to be completed toward the end of the second quarter of 2020.

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