"We've been looking for some time for the right opportunity in the Seattle region," says Mike Wells, a local partner at Panattoni. "This site provides a great location in a sub market that continues to grow--even in a challenging economic environment. This is the only sub market in the region that had positive absorption last year, and it is now demonstrating pent-up demand. We're looking forward to launching our Puget Sound operation with this flagship project at Seaway."

Known as "Lot 8," the property is located at the intersection of the Merrill Creek Parkway and Hardeson Road. Lot 8 is both graded and entitled with a preliminary binding site plan. Panattoni plans to develop five to eight industrial buildings for lease or sale that will serve both distribution and manufacturing users. The company anticipates building a total of 600,000 sf, and construction numbers are still being crunched.

The company hopes to begin construction of Seaway Corporate Park this summer for occupancy as early as December. Cushman & Wakefield brokers Gary Bullington and Tom Wilson are representing Panattoni in marketing this project at Seaway.