GTIS Partners announced the seventh investment of its Qualified Opportunity Zone Fund, forming a joint venture with Ryan Company to build a multi-story last-mile logistics facility in Seattle. The four-story building will be located at 65 S. Horton Street in Seattle’s industrial SoDo neighborhood. The facility will be about a mile south of downtown and adjacent to several Port of Seattle terminals.
Groundbreaking is scheduled to take place in September. The building will contain approximately 126,000 square feet and will cost $43 million.
As online shopping continues to grow, last-mile logistics facilities have become increasingly important properties. Prologis built a 590,000 square foot facility in South Seattle that is rented primarily by Amazon. Efficient last-mile logistics facilities are critical in allowing online retailers such as Amazon to minimize shipping times to customers.
GTIS, which has more than $4 billion in AUM, has now made 14 investments in Opportunity Zone properties. GTIS previously invested in the REVE Boulder apartment complex, which recently sold for $151 million to Virtu Investments.
GTIS Managing Director Peter Ciganik discussed the company’s Opportunity Zone strategy on a recent episode of the Opportunity Zones Podcast: