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September 30, 2021

Newmark leasing part of The Prato District

Segale Properties has long owned about 500 acres — not all of it buildable — between the Green River and Interstate 5, south of Westfield Southcenter. Earlier this year it was rebranded as The Prato District, which is expected to include apartments, offices, retail, industrial buildings and other phased development. For the initial 250 acres of development, approved by the city of Tukwila, Ryan Cos. has ground leased about 38 acres for the Prato District Technology Center. Now Newmark has announced that it will broker that space, with Taylor Hoff, Thad Mallory, and Blake Bentz leading the effort. Ryan's Marc Gearhart said in a statement, “The Newmark team's expertise and market awareness should position the site as the premier build-to-suit land opportunity for proximity-driven R&D, office and industrial manufacturing requirements, with building deliveries in 12 to 18 months.” The tech center represents the first phase of development; Ryan will serve as its own architect and contractor. The development will go in a bend of the Green River, roughly opposite Seattle Tractor Parts & Equipment (the latter is at 18801 Southcenter Pkwy.). With its advisor Heartland, Segale envisions the next phase of development could be a 450-unit apartment development on about 9 acres to the north. That, too, would be a ground lease.

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