The developer is Sacramento-based Panattoni Development Co., which recently closed on the associated land acquisition. Panattoni paid Washington Services Inc. $5.42 per sf for 37 acres, of which 35.5 acres is developable.
The first phase will consist of a 59,000-sf building for distribution- and manufacturing-type tenants. Construction financing is scheduled to close in mid-December, according to Panattoni's regional partner Mike Wells.
Wells tells GlobeSt.com there's been several hundred thousand square feet of activity in the submarket over the past six months, despite the recession. He says he expects to sell half of the buildings to owner-users and lease the rest. Tom Wilson of Cushman & Wakefield has the marketing assignment.
The first building will be L-shaped and front Hardeson Road at the entrance to the park. Behind it and on the same side of the main drag through the park will be three other buildings, two smaller (46,000 sf and 43,000 sf) and one larger (101,000 sf). On the other side of the main drag are planned three more buildings, one 81,000 sf, one 100,000 sf and the other 120,000 sf.
In May, on the south side of Seattle, Panattoni announced plans to build roughly 1 million sf of industrial space on 52 acres it contracted to buy through a phased purchase plan. 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. The project is planned as five buildings ranging in size from 50,000 sf to 300,000 sf.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
