The Canyon Road Commerce Center, a freshly built two-building industrial campus at 5103–5223 136th Street E. in the Summit View/Frederickson area, just traded hands for $37.2 million. The deal, recorded June 18, shifts roughly 274,690 square feet of modern warehouse and distribution space to an LLC tied to the logistics investment arm of Dallas-based Lincoln Property Company. The seller was an entity affiliated with developer Trammell Crow Company, which wrapped construction on the project in 2023.
Sale Details and Parties
According to The News Tribune, county records show the transaction was recorded on June 18 and that the property carries an assessed value just over $39 million. The buyer is an LLC connected to Lincoln Property’s logistics investment division, while the seller is an LLC linked to Trammell Crow. The paper also points out that the campus sits at the signalized intersection of 136th Street East and Canyon Road East, right across from Central Pierce Fire & Rescue Station 68, giving tenants a highly visible corner in a busy industrial corridor.
The Buildings and Development
Trammell Crow Company describes Canyon Road Commerce Center as two modern warehouse buildings totaling about 274,690 square feet on approximately 18.9 acres, with the project listed as completed in 2023. Marketing materials from CBRE spotlight 32- and 36-foot clear heights, ESFR sprinkler systems, multiple dock-high loading positions and demising options down to about 40,000 square feet. Those features, coupled with access to I-5 and relative proximity to the Port of Tacoma, position the park squarely in the sweet spot for distribution and fulfillment users.
Local Market Context
Regional industrial research paints a nuanced picture. New big-box projects coming online have nudged vacancy higher in some Puget Sound submarkets, even as well-located, modern logistics space continues to draw interest from last-mile and e-commerce occupiers. Recent snapshots from aggregated data providers such as Industrix indicate that small-bay and Class-A infill properties are generally outperforming larger speculative facilities, a trend that helps explain investor appetite for new, institutionally developed parks like Canyon Road.
Why the Buyer Matters
Lincoln Property Company is no stranger to the Pacific Northwest. The firm is behind the Port of Vancouver Terminal 1 mixed-use waterfront project, signaling it already has a meaningful development footprint in the region. On the capital side, Lincoln has been actively raising money for logistics acquisitions and recently announced a cornerstone close for its Lincoln Logistics Fund II, underscoring that it has fresh dry powder dedicated to industrial product. Taken together, that local experience and national logistics capital base suggest Lincoln is likely to focus on lease-up and ongoing asset management at Canyon Road Commerce Center rather than any dramatic repositioning.
What Comes Next
Brokers say the campus’ combination of modern specs and highway access should keep it in the mix for distribution and fulfillment tenants, though leasing activity will be watched carefully as the region continues to digest a wave of recent industrial deliveries. For now, the sale stands as another signal that institutional investors still see long-term value in Puget Sound industrial real estate, even as short-term fundamentals adjust to all that new square footage.
