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Panattoni Launches 600,000-SF Seaway

EVERETT, WA-Having recently closed on the purchase of 37 acres here for about $8.7 million, Panattoni Development Co. this week held a groundbreaking ceremony for the first of seven buildings that will comprise Seaway Business Center.

By Brian K. Miller | Updated on November 13, 2002

EVERETT, WA-Work is underway on the first phase of Seaway Business Center, an eventual seven-building, 600,000 sf park in south Everett, immediately east of the intersection of the Merrill Creek Parkway and Hardeson Road.

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.

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