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Corliss Management Group Invests $9.6 Million in Port of Olympia Thurston County Industrial Acquisition

March 19, 2024

Lacey, WA - Corliss Management Group LLC (CMG), a family-owned and operated real estate development company, is thrilled to announce the acquisition of a prime industrial property for $9.6 million in an off-market transaction after the Port of Olympia’s approval on December 11th, 2023.

The three warehouses in the light industrial area of northeast Lacey at Commerce Place Drive and Willamette Drive, have a noteworthy history. In late 2016, a prior commission, which included current Commissioner Joe Downing, approved the property's acquisition for $6.5 million, setting the stage for the current opportunity.

"This acquisition was a pleasure to work on during this turbulent investment market; CMG's market knowledge of commercial real estate enabled them to see the value of a sought-after Class A multi-tenant flex industrial park priced well below replacement costs," said Joel Jones, Nick Ratzke, and John DeHan of the Neil Walter Company. "Mark Walsh and the Corliss team acted quickly on this off-market asset and performed well to get the job done. The Lacey Industrial market has a record low vacancy rate of under 5%. This property is a trophy asset for businesses looking for quality flex space, and there is a lack of competing products in the immediate area."

This acquisition marks Corliss Management Group's first venture into the industrial landscape of Thurston County, signifying a significant milestone in the company's mission to diversify local business and expand its industrial portfolio. The property, comprising three quality light industrial warehouse buildings constructed between 2004-2006 on 4.90 acres, boasts a total of 59,549 square feet and currently hosts 17 tenants.

"At Corliss Management Group, we are dedicated to building lasting communities through strategic investments that contribute to the economic vitality of the regions we serve," said Mark Walsh, Chief Real Estate Investment Officer at Corliss Management Group. "This acquisition builds upon our investment portfolio in the South Sound, and we look forward to being a contributor to Thurston County's growth."

The purchase agreement was signed shortly after the Port of Olympia meeting on December 18th, 2023 and the final sale of the property was March 18th, 2024.

In addition to this exciting achievement, CMG is actively looking at acquisitions in Washington (WA) and Utah (UT), with a focus on expanding its portfolio of outstanding commercial development projects in these regions.