Xtra Lease Pays $9.8 Million for 9.1-Acre Industrial Site in Puyallup, Washington
Xtra Lease, a national semi-trailer rental and leasing company, has acquired a 9.1-acre industrial land parcel in Puyallup, Washington, from a private investor for approximately $9.8 million.
The property, located at 16205 110th Ave. E., Puyallup, WA 98374, was purchased for Xtra Lease's own operational use. The transaction closed September 18, 2026.
Property and Transaction Details
The 9.1-acre site is zoned EC, or Employment Center, under Pierce County jurisdiction, a designation that accommodates a range of industrial and commercial uses including contractor yards and industrial outdoor storage. The parcel sits just east of Pierce County Airport (Thun Field) in the South Hill area, with sewer service available.
Marketing materials describe the site as a fully graded and improved pad, ready for development or outdoor storage use, with partial SEPA approval already in place. At the reported price, the transaction implies a land cost of approximately $1.08 million per acre, or roughly $24.80 per land square foot.
The site was previously marketed as part of a larger assemblage. Listing materials had offered a combined ±11.5-acre site — comprising three separate parcels including 16205 and 16307 110th Ave. E. and 11221 164th St. E. — at $7.4 million for the full package. The 9.1-acre portion acquired by Xtra Lease represents the primary parcel from that broader industrial land offering.
Expanding the Seattle-Tacoma Footprint
Xtra Lease already serves the Seattle-Tacoma market from an existing branch in Sumner, Washington, located at 1106 140th Avenue Ct E. The Puyallup acquisition represents an expansion of that regional capacity rather than an initial market entry, positioning the company with additional land in a submarket that has drawn interest from logistics and transportation operators seeking alternatives to the higher-cost Kent Valley industrial core.
Given Xtra Lease's core business in semi-trailer rental and leasing, the site's Employment Center zoning and graded condition make it well-suited for high-density trailer parking and storage, with the potential for ancillary improvements over time.
Market Context: Industrial Outdoor Storage Demand
The acquisition comes as industrial outdoor storage sites in the Puget Sound region have grown increasingly scarce and competitively priced. Average asking industrial rents in the Seattle market stood at approximately $13.12 per square foot NNN as of the first quarter of 2026, essentially flat year-over-year after roughly 3.7 percent growth in 2025. Landlords have responded to moderating leasing velocity by increasing concessions, shifting the broader market toward more balanced conditions.
That environment has made user-driven land acquisitions more attractive relative to speculative development. Owner-users such as Xtra Lease can underwrite land purchases to long-term operational requirements rather than to cap-rate-driven exit values, a calculus that has made industrial outdoor storage site acquisitions more common across the transportation, logistics, and construction sectors in 2025 and 2026.
The South Hill and Puyallup submarket has emerged as a cost-conscious alternative to core Kent Valley and port-proximate industrial nodes, offering improved industrial land at pricing below the region's most supply-constrained submarkets while still providing access to the broader Seattle-Tacoma distribution network.
About Xtra Lease
Xtra Lease is a national semi-trailer rental and leasing company operating across the United States. Its Seattle-Tacoma branch in Sumner serves regional distribution and transportation customers throughout the Puget Sound area.
Sources: Kidder Mathews; CoStar, Brandon Gaugler (September 18, 2026).