Newmark Arranges 71,613-Square-Foot Cold Storage Lease for Plymouth Poultry Company in Kent, Washington

Newmark has arranged a 71,613-square-foot cold storage industrial lease for Plymouth Poultry Company at 18404 72nd Avenue South in Kent, Washington, the firm announced July 15, 2026. Executive Vice Chairman Thad Mallory and Vice Chairman Taylor Hoff represented the landlord, a private local ownership group, in the transaction.

Property Details and Cold Storage Infrastructure

The facility is located within Yellowstone Industrial Park in the North Kent Valley, which Newmark describes as one of the Puget Sound region's most strategically important industrial submarkets. The property is situated between the Ports of Seattle and Tacoma and minutes from Seattle-Tacoma International Airport, offering access to regional transportation and distribution infrastructure.

The building was formerly occupied by Dreyer's Ice Cream and features freezer infrastructure capable of maintaining temperatures as low as -20 degrees Fahrenheit. The facility includes approximately 10,000 square feet of office space, 13 dock-high loading doors, a fenced yard, and a combination of freezer and dry warehouse areas designed to support temperature-sensitive food distribution and logistics operations.

Competitive Leasing Process Reflects Scarcity of Freezer Product

According to Newmark, the assignment required a highly targeted marketing strategy focused on food producers, distributors, and cold-chain operators capable of utilizing the building's specialized infrastructure. The effort generated significant interest, with multiple qualified groups competing for the space.

"This was one of the most unique industrial leasing opportunities we've brought to market in recent years," said Hoff. "Most companies requiring frozen storage rely on third-party operators because there are very few facilities available that allow an occupier to control its own freezer operation. The response as a result was tremendous, with multiple qualified groups competing for the space."

"Our team cast a wide net across the food and cold-chain sectors, reaching potential tenants at the local, regional and national levels," said Mallory. "The transaction highlights a broader trend we're seeing — demand for well-located specialty facilities continues to outperform and attract significant tenant interest."

Broader Seattle Industrial Market Context

The lease comes as the broader Seattle industrial market navigates a period of elevated supply. According to Newmark Research, vacancy in the Seattle industrial market reached 9.7% and availability rose to 12.8% in the first quarter of 2026. Despite those conditions, Newmark notes that specialized industrial assets, including food-grade and freezer facilities, continue to outperform the broader market due to limited supply of such product.

Newmark Research also reported signs of stabilization in tenant demand, with increased touring activity and 11 leases exceeding 100,000 square feet completed during the first quarter of 2026. Overall vacancy in the Kent Valley remains elevated relative to historical norms, while specialized food-grade and freezer facilities remain exceptionally limited.

About Newmark

Newmark Group, Inc. (Nasdaq: NMRK) is a commercial real estate services firm offering services across the property life cycle. For the twelve months ended March 31, 2026, Newmark generated revenues of more than $3.4 billion. As of March 31, 2026, Newmark and its business partners operated from over 185 offices with more than 9,600 professionals across four continents.

Sources: Newmark Press Release, July 15, 2026