The Challenge

When Odyssey Logistics & Technology Corporation, a global leader in complex logistics and technology solutions, acquired American Fast Freight, a specialized freight forwarder headquartered in Fife, Washington, the purchase included ownership of multiple transportation facilities throughout key west coast gateway markets.  Included was a “trophy” industrial asset adjacent to the Port of Tacoma in Fife, WA, comprised of a state-of-the-art hybrid cross-dock terminal of approximately 100,000 square feet on 20 acres of paved, secured trailer parking yard area.  Odyssey was not in the business of owning real estate, and originally approached the Lee & Associates NW (L&A) listing team for help analyzing their alternatives, including whether they should sell the property vacant and potentially relocate the operations elsewhere, consolidating as a tenant within the market to another facility.

With their deep market knowledge and experience, the L&A team knew that this specialized facility was irreplaceable and that a relocation property would be nearly impossible to find in the market.  A build-to-suit would be equally as difficult to execute and prohibitedly more expensive due to the scarcity of developable infill industrial land and related costs.   Furthermore, the L&A team knew that Odyssey would be leaving a significant amount of value on the table if they took this route of selling the property to a user, or selling essentially vacant to an investor.  Valuations by other brokerage firms had indicated a value range of only $18 to $26 million for the property.