{"id":1966,"date":"2020-03-18T17:04:53","date_gmt":"2020-03-19T00:04:53","guid":{"rendered":"https:\/\/www.lee-associates.com\/northwest\/?p=1966"},"modified":"2026-07-28T10:29:53","modified_gmt":"2026-07-28T17:29:53","slug":"case-study-aff-logistics-center","status":"publish","type":"post","link":"https:\/\/www.lee-associates.com\/northwest\/2020\/03\/18\/case-study-aff-logistics-center\/","title":{"rendered":"Case Study &#8211; AFF Logistics Center"},"content":{"rendered":"<div id=\"pl-1966\"  class=\"panel-layout\" ><div id=\"pg-1966-0\"  class=\"panel-grid panel-has-style\" ><div class=\"siteorigin-panels-stretch panel-row-style panel-row-style-for-1966-0\" data-stretch-type=\"full\" ><div class=\"so-panels-full-wrapper\" ><div id=\"pgc-1966-0-0\"  class=\"panel-grid-cell\" ><div id=\"panel-1966-0-0-0\" class=\"so-panel widget widget_sow-image panel-first-child panel-last-child\" data-index=\"0\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-image so-widget-sow-image-default-113ccd71f3e6-1966\"\n\t\t\t\n\t\t>\n<div class=\"sow-image-container\">\n\t\t<img \n\tsrc=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2020\/03\/Odyssey-Logistics-Web-Photo-1024x582.jpg\" width=\"1024\" height=\"582\" srcset=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2020\/03\/Odyssey-Logistics-Web-Photo-1024x582.jpg 1024w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2020\/03\/Odyssey-Logistics-Web-Photo-300x170.jpg 300w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2020\/03\/Odyssey-Logistics-Web-Photo-768x436.jpg 768w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2020\/03\/Odyssey-Logistics-Web-Photo.jpg 1500w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" title=\"Odyssey Logistics Web Photo\" alt=\"\" \t\tclass=\"so-widget-image\"\/>\n\t<\/div>\n\n<\/div><\/div><\/div><\/div><\/div><\/div><div id=\"pg-1966-1\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-1966-1-0\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><div id=\"pgc-1966-1-1\"  class=\"panel-grid-cell\" ><div id=\"panel-1966-1-1-0\" class=\"so-panel widget widget_sow-editor panel-first-child\" data-index=\"1\" ><div class=\"panel-widget-style panel-widget-style-for-1966-1-1-0\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-editor so-widget-sow-editor-base\"\n\t\t\t\n\t\t>\n<div class=\"siteorigin-widget-tinymce textwidget\">\n\t<h3><strong><span style=\"color: #009ad9\">OVERVIEW<\/span><\/strong><\/h3>\n<ul style=\"list-style-type: square\">\n<li class=\"p1\">Fife, Washington, near the Port of Tacoma<\/li>\n<li class=\"p1\">Industrial \/ Logistics Property<\/li>\n<li class=\"p1\">\u00b199,260 SF on 19.5 Acres<\/li>\n<li class=\"p1\">Seller (&amp; Lessee) Representation<\/li>\n<li class=\"p1\">Sale Price: $46,515,015 ($469\/SF)<\/li>\n<\/ul>\n<\/div>\n<\/div><\/div><\/div><div id=\"panel-1966-1-1-1\" class=\"so-panel widget widget_sow-editor\" data-index=\"2\" ><div class=\"panel-widget-style panel-widget-style-for-1966-1-1-1\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-editor so-widget-sow-editor-base\"\n\t\t\t\n\t\t>\n<div class=\"siteorigin-widget-tinymce textwidget\">\n\t<p>&nbsp;<\/p>\n<blockquote>\n<p style=\"text-align: left\"><i>\u201cWe were extremely happy with the local market expertise and guidance provided by the Lee &amp; Associates team. From lease availability analyses, to purchase and sale negotiation, introduction to key area legal counsel, and presence during the entire transaction, we could not have asked for more. The Lee team set up our lease-back to maximize exit value and achieved closing under a tight timeline.\u201d<\/i><\/p>\n<p class=\"p1\" style=\"text-align: left\">- Senior Director, Corporate Operations - AFF<\/p>\n<p style=\"text-align: left\">\n<\/blockquote>\n<\/div>\n<\/div><\/div><\/div><div id=\"panel-1966-1-1-2\" class=\"so-panel widget widget_sow-editor panel-last-child\" data-index=\"3\" ><div class=\"panel-widget-style panel-widget-style-for-1966-1-1-2\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-editor so-widget-sow-editor-base\"\n\t\t\t\n\t\t>\n<div class=\"siteorigin-widget-tinymce textwidget\">\n\t<p><em>For more information regarding this case study, please contact:<\/em><\/p>\n<p><span style=\"color: #009ad9\"><strong>Zane Shiras, CCIM<\/strong><\/span><\/p>\n<p>Principal<br \/>\n<strong>D\u00a0 <\/strong>(206) 773-2676<br \/>\nzshiras@lee-associates.com<\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"color: #009ad9\"><strong>Sean Durkin, SIOR, MSRE, CCIM<\/strong><\/span><\/p>\n<p>Principal<br \/>\n<strong>D<\/strong>\u00a0 (206) 773-2682<br \/>\nsdurkin@lee-associates.com<\/p>\n<\/div>\n<\/div><\/div><\/div><\/div><div id=\"pgc-1966-1-2\"  class=\"panel-grid-cell panel-grid-cell-mobile-last\" ><div id=\"panel-1966-1-2-0\" class=\"so-panel widget widget_sow-editor panel-first-child\" data-index=\"4\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-editor so-widget-sow-editor-base\"\n\t\t\t\n\t\t>\n<div class=\"siteorigin-widget-tinymce textwidget\">\n\t<h2><strong>The Challenge<\/strong><\/h2>\n<p class=\"p1\" style=\"text-align: justify;\"><span style=\"color: #303c42;\">When Odyssey Logistics &amp; Technology Corporation, a global leader in complex logistics and technology solutions, acquired American Fast Freight, a specialized freight forwarder headquartered in Fife, Washington, the purchase included ownership of multiple transportation facilities throughout key west coast gateway markets.<span class=\"Apple-converted-space\">\u00a0 <\/span>Included was a \u201ctrophy\u201d industrial asset adjacent to the Port of Tacoma in Fife, WA, comprised of a state-of-the-art hybrid cross-dock terminal of approximately 100,000 square feet on 20 acres of paved, secured trailer parking yard area.<span class=\"Apple-converted-space\">\u00a0 <\/span>Odyssey was not in the business of owning real estate, and originally approached the Lee &amp; Associates NW (L&amp;A) listing team for help analyzing their alternatives, including whether they should sell the property vacant and potentially relocate the operations elsewhere, consolidating as a tenant within the market to another facility.<\/span><\/p>\n<p class=\"p1\" style=\"text-align: justify;\">With their deep market knowledge and experience, the L&amp;A team knew that this specialized facility was irreplaceable and that a relocation property would be nearly impossible to find in the market.<span class=\"Apple-converted-space\">\u00a0 <\/span>A build-to-suit would be equally as difficult to execute and prohibitedly more expensive due to the scarcity of developable infill industrial land and related costs. <span class=\"Apple-converted-space\">\u00a0 <\/span>Furthermore, the L&amp;A team knew that Odyssey would be leaving a significant amount of value on the table if they took this route of selling the property to a user, or selling essentially vacant to an investor.<span class=\"Apple-converted-space\">\u00a0 <\/span>Valuations by other brokerage firms had indicated a value range of only $18 to $26 million for the property.<\/p>\n<\/div>\n<\/div><\/div><div id=\"panel-1966-1-2-1\" class=\"so-panel widget widget_sow-editor\" data-index=\"5\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-editor so-widget-sow-editor-base\"\n\t\t\t\n\t\t>\n<div class=\"siteorigin-widget-tinymce textwidget\">\n\t<h2><strong>Our Approach<\/strong><\/h2>\n<p class=\"p1\" style=\"text-align: justify\">The L&amp;A team provided detailed reports and financial analysis to make the case internally that the best course of action for the company would be a to conduct a sale-leaseback transaction, whereby the asset would be monetized at favorable market conditions, allowing the operating company to retain occupancy of the mission-critical property. <span class=\"Apple-converted-space\">\u00a0 <\/span>L&amp;A worked closely with various departments within the organization to best position the asset for sale, making the lease marketable to institutional investors, maximizing the sales proceeds, while still providing the long-term security the company required.<\/p>\n<p class=\"p1\" style=\"text-align: justify\">Once engaged, the L&amp;A team had a tight deadline with the end of the year fast approaching.<span class=\"Apple-converted-space\">\u00a0 <\/span>By closing the transaction prior by year end, the seller would save nearly $1 million in additional real estate excise (sale) tax.<span class=\"Apple-converted-space\">\u00a0 <\/span>The team assembled marketing materials and preliminary due diligence materials quickly for expedited review by prospective buyers.<span class=\"Apple-converted-space\">\u00a0 <\/span>By marketing the asset broadly to institutional investors throughout the world, following with direct outreach to the most likely buyers, the team garnered heavy interest in a condensed time period that drove the price higher than expected.<span class=\"Apple-converted-space\">\u00a0 \u00a0<\/span><\/p>\n<\/div>\n<\/div><\/div><div id=\"panel-1966-1-2-2\" class=\"so-panel widget widget_sow-editor panel-last-child\" data-index=\"6\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-editor so-widget-sow-editor-base\"\n\t\t\t\n\t\t>\n<div class=\"siteorigin-widget-tinymce textwidget\">\n\t<h2><strong>The Outcome<\/strong><\/h2>\n<p class=\"p1\" style=\"text-align: justify\">Ultimately, despite some expected roadbumps, the L&amp;A team successfully guided the transaction to closing on-time and as-planned for $46.5 million.<span class=\"Apple-converted-space\">\u00a0 <\/span>The <span class=\"s1\"><b>L&amp;A team effectively created over $20 million of additional value<\/b><\/span> (compared to the highest valuation provided by Odyssey and other brokerage firms) via the recommended deal structure and aggressive terms, and <span class=\"s1\"><b>L&amp;A assisted in saving the client an additional nearly $1 million in sales tax savings<\/b><\/span> by completing the transaction in a very condensed time period.<\/p>\n<\/div>\n<\/div><\/div><\/div><div id=\"pgc-1966-1-3\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><\/div><div id=\"pg-1966-2\"  class=\"panel-grid panel-has-style\" ><div class=\"siteorigin-panels-stretch panel-row-style panel-row-style-for-1966-2\" id=\"blog\" data-stretch-type=\"full\" ><div class=\"so-panels-full-wrapper\" ><div id=\"pgc-1966-2-0\"  class=\"panel-grid-cell\" ><div id=\"panel-1966-2-0-0\" class=\"so-panel widget widget_sow-headline panel-first-child\" data-index=\"7\" ><div class=\"panel-widget-style panel-widget-style-for-1966-2-0-0\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-headline so-widget-sow-headline-default-f8d8efd972d8-1966 so-widget-fittext-wrapper\"\n\t\t\t data-fit-text-compressor=\"0\"\n\t\t><div class=\"sow-headline-container \">\n\t\t\t\t\t\t\t<h4 class=\"sow-headline\">\n\t\t\t\t\t\t<b>NEW<\/b> FROM THE MEDIA CENTER...\t\t\t\t\t\t<\/h4>\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"decoration\">\n\t\t\t\t\t\t<div class=\"decoration-inside\"><\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n<\/div><\/div><\/div><div id=\"panel-1966-2-0-1\" class=\"so-panel widget widget_sow-post-carousel panel-last-child\" data-index=\"8\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-post-carousel so-widget-sow-post-carousel-base-ad93eedad001-1966\"\n\t\t\t\n\t\t>\t<div\n\t\tclass=\"sow-post-carousel-wrapper sow-post-carousel-theme-base\"\n\t\tstyle=\"overflow: hidden; max-width: 100%; min-height: 182px\"\n\t>\n\t\t<div 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class=\"sow-carousel-item-title\">\n\t\t\t<a\n\t\t\t\thref=\"https:\/\/www.lee-associates.com\/northwest\/2026\/09\/16\/q2-2026-industrial-market-report\/\"\n\t\t\t\tid=\"sow-carousel-id-9315\"\n\t\t\t\t\t\t\t\ttabindex=\"-1\"\n\t\t\t>\n\n\t\t\t\tQ2 2026 Industrial Market Report\t\t\t<\/a>\n\t\t<\/h3>\n\t<\/div>\n\t\t<div class=\"sow-carousel-item\" tabindex=\"-1\" style=\"float: left;\">\n\t\t<div class=\"sow-carousel-thumbnail\">\n\t\t\t\t\t\t\t<a\n\t\t\t\t\thref=\"https:\/\/www.lee-associates.com\/northwest\/2026\/09\/16\/q2-2026-multifamily-market-report\/\"\n\t\t\t\t\t\t\t\t\t\tstyle=\"background-image: url( https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2026\/09\/Multifamily-Market-Report-Featured-Image-272x182.png )\"\n\t\t\t\t\taria-labelledby=\"sow-carousel-id-9305\"\n\t\t\t\t\ttabindex=\"-1\"\n\t\t\t\t>\n\t\t\t\t\t<span class=\"overlay\"><\/span>\n\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t<h3 class=\"sow-carousel-item-title\">\n\t\t\t<a\n\t\t\t\thref=\"https:\/\/www.lee-associates.com\/northwest\/2026\/09\/16\/q2-2026-multifamily-market-report\/\"\n\t\t\t\tid=\"sow-carousel-id-9305\"\n\t\t\t\t\t\t\t\ttabindex=\"-1\"\n\t\t\t>\n\n\t\t\t\tQ2 2026 Multifamily Market Report\t\t\t<\/a>\n\t\t<\/h3>\n\t<\/div>\n\t\t\t<\/div>\n\t\t\t<\/div>\n\n\t<\/div>\n\t\t<input type=\"hidden\" name=\"instance_hash\" value=\"4ae08b0c\"\/>\n\t<\/div>\n<\/div><\/div><\/div><\/div><\/div><\/div><\/div>","protected":false},"excerpt":{"rendered":"<p>OVERVIEW Fife, Washington, near the Port of Tacoma Industrial \/ Logistics Property \u00b199,260 SF on 19.5 Acres Seller (&amp; Lessee) Representation Sale Price: $46,515,015 ($469\/SF) &nbsp; \u201cWe were extremely happy with the local market expertise and guidance provided by the Lee &amp; Associates team. From lease availability analyses, to purchase and sale negotiation, introduction to key area legal counsel, and presence during the entire transaction, we could not have asked for more. The Lee team&#8230;<\/p>\n","protected":false},"author":39,"featured_media":1965,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[843,6,1084,1,1184],"tags":[1090,1117,1122],"class_list":["post-1966","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-case-study","category-featured","category-industrial","category-media-center","category-tacoma","tag-case-study","tag-sean-durkin","tag-zane-shiras"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.5 (Yoast SEO v28.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Case Study - AFF Logistics Center - Lee &amp; Associates Pacific Northwest<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.lee-associates.com\/northwest\/2020\/03\/18\/case-study-aff-logistics-center\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Case Study - AFF Logistics Center\" \/>\n<meta property=\"og:description\" content=\"OVERVIEW Fife, Washington, near the Port of Tacoma Industrial \/ Logistics Property \u00b199,260 SF on 19.5 Acres Seller (&amp; Lessee) Representation Sale Price: $46,515,015 ($469\/SF) &nbsp; \u201cWe were extremely happy with the local market expertise and guidance provided by the Lee &amp; Associates team. From lease availability analyses, to purchase and sale negotiation, introduction to key area legal counsel, and presence during the entire transaction, we could not have asked for more. The Lee team...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.lee-associates.com\/northwest\/2020\/03\/18\/case-study-aff-logistics-center\/\" \/>\n<meta property=\"og:site_name\" content=\"Lee &amp; Associates Pacific Northwest\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/nwleeassociates\/\" \/>\n<meta property=\"article:published_time\" content=\"2020-03-19T00:04:53+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-07-28T17:29:53+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2020\/03\/Blog-Headers-1024x576_Case-Study.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"574\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Ashley Gaquin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@NWLeeAssociates\" \/>\n<meta name=\"twitter:site\" content=\"@NWLeeAssociates\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ashley Gaquin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2020\\\/03\\\/18\\\/case-study-aff-logistics-center\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2020\\\/03\\\/18\\\/case-study-aff-logistics-center\\\/\"},\"author\":{\"name\":\"Ashley Gaquin\",\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/#\\\/schema\\\/person\\\/9c7412d73ef5a4c0f2a3a46cbe7c6396\"},\"headline\":\"Case Study &#8211; 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