Simpson Timber Sells Surplus Industrial Property for $3.16 Mil

TACOMA, WA-Simpson Timber Company, a subsidiary of Seattle-based Simpson Investment Company, has sold its last undeveloped property in the M3-zoned, heavy-industrial waterfront area of Tacoma. The 13.7-acre property was sold to USF Reddaway Inc. for $3.16 million, or $5.30/sf.

Todd Clarke of the Tacoma office of Kidder, Mathews & Segner Inc. represented the national trucking line in the transaction. He tells GlobeSt that Reddaway, which already operates several terminals in the state, plans to develop a 56-door cross-dock terminal here. While the raw land does not yet have an official street address, Clarke says it is located at roughly at 920 Eleventh St. in the Tacoma Tide Flats area.