The Port of Seattle, City of SeaTac, and IAC Properties (IAC) broke ground today on a 26-acre underdeveloped property to create a 460,000 square foot industrial facility that will employ approximately 400 full time workers. Tenants may include food processors, manufacturers, and logistics providers that support the aviation and air cargo industries.
“When fully developed, the IAC Commerce Center — SeaTac project in the City of SeaTac will be home to around 400 full-time employees with an estimated payroll of more than $28 million annually,” said Port of Seattle Executive Director Steve Metruck. “This is a major milestone in our partnership with local communities to develop economic activity and new local jobs, including up to 90 prevailing wage construction jobs during the build out of the property.”
“The City welcomes this important economic development project and the positive impacts it will create. The investment made by the City and its partners in completing the 24th Avenue corridor has, and will play an important role in the City’s future,” said SeaTac Mayor Michael Siefkes. “The jobs, tax revenues and permit fees are all important to the community’s health. The partnership established with both the development team and the Port will pay dividends now and into the future.”
“We are very excited to be working with the City of SeaTac, the Port of Seattle and the Trammell Crow Company to help fulfill the Port’s Century Agenda of bringing jobs to the market with the development of this new state of the art 460,000 square foot warehouse distribution facility,” said IAC Properties President Larry Krasner.
Located just north of the Des Moines Creek Business Park (DMCBP) in the City of Des Moines, this 25.62-acre undeveloped property is zoned Aviation Commercial (AVC) and will expand upon the success of the industrial development at the DMCBP. It will also represent the first new industrial development on Port property in the City of SeaTac in many years.
The purpose of developing IAC Commerce Center — SeaTac is to put the property back into productive use that supports both the City’s tax-base and is compatible with airport operations. To ensure a Fair Market Rent for the land, the Port appraised the property in its current condition and then competitively offered the property to the development community through an extensive Request For Proposal (RFP) process. This ensured the Port had a strong basis to evaluate proposals for financial implications, job creation, and aspirational goals.
Over the past five years the Port has leased land and seen new development on over 100-acres of property surrounding the airport. When this SeaTac property is fully developed, these properties will support over 4,000 jobs, with 3,500 at Des Moines Creek Business Park in Des Moines; 400 at the NERA development in Burien and 400 at IAC Commerce Center — SeaTac, in SeaTac.
About the City of SeaTac
Incorporated in February 1990, the City of SeaTac is located approximately midway between the cities of Seattle and Tacoma. The City of SeaTac is 10 square miles in area and has a population of 28,850. The City is a vibrant community, economically strong, environmentally sensitive, and people-oriented. The City boundaries surround the Seattle-Tacoma International Airport, (approximately 3 square miles in area) which is owned and operated by the Port of Seattle.
About IAC
Founded in 1995 IAC Properties, previously known as International Airport Centers, is a privately-owned real estate operating company that acquires, develops, and holds a professionally managed portfolio of Class A industrial warehouse distribution properties in strategic markets throughout the United States. Between 1995 and 2003 IAC Properties developed nearly 5 million square feet of industrial properties, all of which were located within +/- 1 mile of the cargo entrances of major gateway airports in Boston, Charlotte, Detroit, Houston, Los Angeles, Miami, New York, and Seattle. In a protracted sale from 2003 to 2005 IAC Properties sold this portfolio. Since that time, IAC Properties has recapitalized the company and has built a second portfolio of approximately 8 million square feet of Class A industrial warehouse properties in major distribution markets throughout the United States. In 2016 IAC Properties sold 3 million square feet of this portfolio. IAC Properties current holdings include a portfolio of nearly 5.3 million square feet in 5 national markets including Chicago, Dallas, Los Angeles, Louisville and Seattle comprised of 3.6 million square feet of stabilized assets, 1.7 million square feet of development projects and 5 acres of land held for development. Learn more
Contacts:
Peter McGraw
Media Officer
mcgraw.p@portseattle.org
(206) 787-3446
Larry Krasner
President – CIO, IAC Properties
larry.krasner@IACProperties.com
(310) 205-7440
Jeff Robinson
Director, Community and Economic Development
City of SeaTac
jrobinson@ci.seatac.wa.us
(206) 973-4812
