TACOMA, WA-The Port of Tacoma has a new manager of real estate development. Jay Stewart, previously with McCuen Properties of Sacramento, is now focused on locating and negotiating real estate deals that create a return to the port and create jobs.
"By examining industrial and commercial real estate opportunities, the Port can expand its economic impact throughout Pierce County," says Bob Emerson, the Port's senior director of real estate and industrial development.
With McCuen, Stewart directed acquisitions, dispositions and leasing of the company's investment properties and large-scale land developments. Among other things, he led the marketing program to redevelop a decommissioned Air Force base in the County of Sacramento.
With available land at its 500-acre Frederickson Industrial Area now dwindling after 30 years--thanks in large part to last year's 65-acre land sale to Ikea for a 1 million-sf distribution center--the Port of Tacoma last fall went out and acquired a 750-acre chunk of land in neightboring Thurston County for approximately $20 million. Since the property is out of its jurisdiction, the Port of Tacoma will oversee the development of the property in partnership with the Port of Olympia.
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