TEQlease Capital announced the company has provided $4 million in warehouse racking financing for Western Distribution Services LLC, a premier cold storage warehousing and logistics company in the Pacific NW Region. The financing was part of a project that created a state of the art facility to service the rising need for cold storage in the growing Seattle area.
WDS will operate the new facility which was designed and constructed by Tippmann Innovation with Bridge Development serving as developer. The massive 241,140-square-foot facility will house 41,000 pallets with the versatility to operate a range of temperatures to accommodate products from fresh perishables to frozen foods. The warehouse was built on a 15-acre site that came with its own set of challenges, including a sloping terrain. Over 100,000 cubic yards of soil was moved during construction. However, the close proximity to the airport provides a huge advantage for WDS' cold storage customers.
“New cold storage facilities are needed to meet stringent code regulations for food safety, storage, and transportation,” Western Distribution Services LLC President John Naylor said in the release. “This new facility has created a new cold storage and warehousing campus to serve the growing needs of an increasingly regulated and growing retail food services sector, along with the imports and exports of seafood and other foods. The warehouse racking equipment financing TEQlease Capital provided was an integral part of the project. The TEQlease Capital team of Dirk Onink and Kyle Fleming worked well and closely with us to understand each stage of the racking design, implementation, installation and closing.”
“We were able to provide competitive equipment financing for WDS at a critical time in WDS’ expansion,” said TEQlease Capital President Mike Lockwood. “We continue to lead the way in offering sensible and equipment-relevant lease finance options for our customers nationwide, adapting to our customers’ specific requirements and business environment. Working on projects like this is something we strive for every day.”