TERMINAL LANETumwater Industrial Property Lease
This Tumwater industrial property, approximately 12,000 square feet, posed a challenge mainly because almost 1/3 of the property is actually a functioning airplane hangar with a door that opens up to the Olympia Regional Airport’s runway.
As a result, the land use ordinances for this property require it to have some aviation use. Therefore, we were tasked with finding a tenant that would take the office space in the mezzanine, the warehouse space, and the hangar space.
We had a two-fold plan. We would go after local businesses that could take the warehouse and office space and at the same time we would go after anyone we could find who was currently leasing (or interested in leasing) hangar space as the building could be easily demised.
We would also market to companies we thought could use all three. Although we knew the chances were higher that the building would end up being occupied by two different businesses, we didn’t want to rule out one taking the whole building entirely.
Through our marketing efforts we actually ended up finding a local business who took the entire building, warehouse, office, hangar and all. This was the best of all worlds for our client, the Landlord, as it required less tenant improvements, among other things.
Want to know what's happening in the market?
Subscribe to our Market Report and get up to date information on all that's happening in the community and more...