EVERETT, WA-Kimberly-Clark Corp. has put its exceptionally rare waterfront industrial property here up for sale. Located on the central waterfront at 2600 Federal Ave., the property boasts more than 2,500 linear feet of deep-water industrial shoreline area and a total land area in excess of 66 acres. It is immediately adjacent to Naval Station Everett, home of the USS Nimitz carrier battle group, and the Port of Everett main terminal.
The property includes 55.5 upland acres and 10.0 acres of fee-owned submerged land area. KC plans to commence demolition of the structures on the property by this summer. Kidder Mathews and Binswanger, which have been retained by KC to sell the property, expect it to appeal to a wide variety of businesses and industries on a national/international basis, including marine industrial companies who will benefit from the deep-water-port component of the property, the extensive BNSF rail system adjacent to the site, as well as the property’s extraordinary utility capacity and on-site water-treatment facility.
Kidder Mathews is being represented by brokers Dave Speers, Matt Henn and Matt Hagen, all SVPs and partners with the firm, as well as Eric Dienstbach, a SVP and manger of the western division in Binswanger’s Denver office.
“This disposition assignment is an exceptional opportunity to bring to market a very rare, major salt-water marine industrial property of significant size,” says Speers. “We’re confident the unique nature of this property will garner the attention of national and international industrial and marine users.”
Speers tells GlobeSt.com that the property is on the market un-priced, and his firm’s plan is to call for offers likely within the next three to four weeks, allowing for tours of the property and other procedures. He adds that the mill was first operated in1931, and KC has owned it since 1985 as a result of a merger with Scott Paper. The mill was an integrated pulp and manufacturing operation that manufactured, among other items, Scott Tissue and Viva Paper Towels.
“In January 2011, Kimberly-Clark announced a restructuring plan to exit its remaining integrated pulp and manufacturing operations, including the Everett mill operation, to improve the underlying profitability and return on invested capital of its consumer tissue and Kimberly-Clark Professional businesses,” Speers tells GlobeSt.com. “KC spent a year attempting to find a buyer for the Everett mill operation, but was not successful. In December 2011, Kimberly-Clark announced its decision to close the mill as part of the restructuring plan."
KC has a history of making a big impact in this part of the country. As GlobeSt.com previously reported, in January the K-C plant in Redlands, CA, installed one of the largest single rooftop solar power systems in the country. Expanding on a 100-kilowatt solar array installed in 2009, the 3.5 megawatt (AC), solar installation currently covers 350,000 square feet of roof space, and the energy generated from the solar array is expected to produce up to 6.6 million kilowatt-hours annually, or enough electricity to power 925 Southern California homes for a year. Also as GlobeSt.com previously reported, in July 2009 the company leased 516,000 square feet of distribution space at AMB Property Corp.’s 655,000-square-foot East Valley Warehouse in Kent, according to AMB. At the time, it was one of the largest leases in the Kent Valley in the previous decade.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
