Known as the Rainier Park of Industry at Sumner, the site is part of a 180-acre industrial zoned development site, with freeway frontage on State Route 167. Mike Wells, a local partner at Panattoni, says there will be about five buildings, ranging in size from 50,000 sf to 300,000 sf. The cost of construction is estimated at more than $50 million.
The project is being marketed by Matt Wood and John Jewett of Insignia Kidder Mathews.
"This property allows Panattoni to be highly competitive -- very quickly," says Wood, adding it provides users good visibility and fast freeway access. Owner Bryan Stowe has completed most of the permitting, and preliminary geotech studies have demonstrated positive soil results. Stowe still has the remainder of the site for sale.
Wells says Panattoni has one prospective client who needs fall occupancy, and the company is planning to meet that deadline. Unlike other properties in the Kent Valley, this one is ready to go, allowing us to respond quickly to requirements as the economy recovers, he adds.
Panattoni also recently contracted to purchase 37 acres at Seaway Center in south Everett.
"We see a lot of potential synergies in these developments," Wells says. "Many prospects are looking for industrial properties at both ends of the market in order to respond to traffic demands and to have their employee base nearby."
The Seaway project is being marketed by Cushman & Wakefield.
Panattoni develops, leases and manages industrial and office projects in more than 85 cities throughout the United States. Since 1986, Panattoni has completed over 69 million sf of new development.
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