November 10, 2017
An Article in Puget Sound Business Journal by Marc Stiles
Investors are trying to claw their way into the Puget Sound region's red-hot industrial market, and one that has succeeded is DCT Industrial.
Though relatively new to the market, the Denver-based company has a Seattle office and owns nine fully leased buildings in the Seattle area. This has propelled DCT to buy sites in King and Pierce counties for an estimated $175 million worth of developments totaling 1.8 million square feet.
As lease rates continue to climb, competition for land is fierce, so DCT focuses on properties with challenges, such as wetlands. It's time-consuming with approvals sometimes taking up to two years, but the strategy helped DCT make a name for itself.
'We spent money early on and tackled problems that others didn't want to tackle,' said Patrick Gemma, who worked for competitor Panattoni before opening DCT's Seattle office five years ago. 'We are really trying to create value as opposed to paying the highest price to deploy capital.'
They have some local help. Attorney Chris Napier of Foster Pepper helps clear hurdles for DCT, which spreads its work among the region's architecture firms, general contractors and real estate brokerages.
Here are the projects DCT has in development:
Blair Logistics Center
Square footage: 971,000
Hudson Distribution Center
Square footage: 288,000
Square footage: 363,000
Monster Distribution Center
Square footage: 163,000