Lincoln Property Company Acquires 275,000-SF Industrial Campus in Puyallup from Trammell Crow Company and CBRE Investment Management
Lincoln Property Company's Logistics Fund II has acquired Canyon Road Commerce Center, a 275,000-square-foot industrial campus in Puyallup, Washington, from Trammell Crow Company and an affiliate of CBRE Investment Management, the firm announced July 28, 2026. The acquisition marks Lincoln Property Company's return to the Greater Seattle industrial market and extends the reach of Logistics Fund II, which has now completed its third acquisition since its cornerstone close.
Deal Details and Fund Structure
The property is located at 5103–5223 136th Street E. in Puyallup, within Pierce County. The transaction price was not disclosed. Logistics Fund II has secured more than $280 million in capital commitments from two longstanding institutional investors, alongside Stone Point Capital and Lincoln employees, positioning the fund to continue acquiring last-mile and multi-tenant logistics assets across the United States.
As part of the acquisition, Lincoln Property Company has appointed JLL as the exclusive leasing agent for Canyon Road Commerce Center. The leasing initiative is aimed at attracting advanced manufacturing, aerospace, logistics and distribution users across the South Sound region. Leasing will be led by Chris Spofford, Executive Managing Director at JLL; Bill Honsaker, Senior Managing Director; and Scott Carter and David Cahill, Managing Directors.
Property Specifications and Leasing Strategy
Canyon Road Commerce Center comprises two Class A industrial buildings designed to accommodate a range of manufacturing, aerospace, logistics and distribution users. Available suites can accommodate tenants from approximately 40,000 square feet, providing flexibility for both regional and national occupiers. The campus features 32- to 36-foot clear heights, 21 dock-high doors per building, substantial power capacity, LED lighting, fully securable configurations and Employment Corridor (ECOR) zoning. That zoning designation supports advanced manufacturing operations in addition to traditional warehouse and distribution uses.
"Tenants continue to prioritize efficient, modern industrial facilities that provide flexibility without compromising quality," said Chris Spofford, Executive Managing Director at JLL. "Canyon Road delivers that combination in one of the Puget Sound region's most active industrial submarkets, making it well positioned to attract manufacturers, aerospace suppliers and logistics users alike."
Lincoln Property Company said it will focus on leasing the remaining vacancy at the campus while capitalizing on continued demand across the Puget Sound industrial market. The property's power capacity and ECOR zoning are particularly relevant for manufacturers and aerospace suppliers, which often require infrastructure beyond standard warehouse specifications.
Lincoln Property Company's Pacific Northwest Rationale
"The Pacific Northwest continues to demonstrate the long-term fundamentals we seek as investors, including sustained population growth, a highly skilled workforce and a diverse industrial economy," said Gary Kobus, Co-Head of Logistics and Senior Managing Director at Lincoln. "Canyon Road is a high-quality asset in a strategic location that provides an excellent opportunity to execute our leasing strategy while creating long-term value for our investors."
Patrick Gilligan, Senior Executive Vice President, Pacific Northwest, at Lincoln Property Company, added: "Seattle remains one of the West Coast's most important industrial markets, supported by strong infrastructure, a deep aerospace ecosystem and long-term population growth. We're excited to expand our presence in the region with an asset that aligns with our long-term investment strategy and offers meaningful value to occupiers."
Market Context and Fund Deployment
The Canyon Road Commerce Center acquisition reflects a broader pattern among industrial investors favoring functional assets with wide tenant appeal. Lincoln Property Company is marketing the campus to both traditional logistics users and advanced manufacturing tenants, reducing dependence on a single occupier type. The availability of suites starting at approximately 40,000 square feet also positions the property to serve users seeking smaller bay options in newer industrial product.
Logistics Fund II's structure — deploying capital from a recently closed vehicle into a quality asset with active leasing upside — is consistent with a value-creation strategy centered on stabilization. Lincoln Property Company manages and leases more than 720 million square feet of commercial space on behalf of institutional clients across the United States, the United Kingdom and Europe.