Port of Everett Commission Authorize Purchase and Sale Agreement for nearly 10 Acres of Riverside Business Park to Panattoni Development Company
Date: Oct 30, 2017Everett, Wash. – On October 24, the Port of Everett Commission authorized the CEO to enter into a purchase and sale agreement with Panattoni Development Company for approximately 9.68 acres of the Port’s 38-acre Riverside Business Park, located off West Marine View Drive on the Snohomish River.
Panattoni Development Company is one of the largest privately held, full-service real estate development companies in the world. Panattoni is the most active industrial developer in Washington State and was recently named NAIOP’s Developer of the Year for Washington. The Seattle Office has developed 16 million square feet of commercial space in the Puget Sound, with 4.4 million square feet currently under development.
"Panattoni is excited to be working with the Port and the City of Everett on another state-of-the-art industrial building. This project will be adding to our resume of over a dozen buildings in Snohomish County all of which were successful projects for us,” said Donnie Belk, Senior Development Manager with Panattoni. “We expect to be under construction at Riverside Business Park in the Spring of 2018 with delivery of the finished space by December 2018. We are calling our project Glacier Peak at Riverside Business Park."
The negotiated sale lease price for the land is $8.75/square foot or approximately $3.689 million. Panattoni has a 60-day study period, followed by 30 days to close.
With Panattoni’s land sale, Latitude’s land lease and KW Projects purchase, all but two lots of the business park are under contract. The three parcels are projected to generate as many as 400 direct jobs, with 2.8 additional jobs in the community per new position created. Overall, the new development generates additional state and local taxes in excess of $733,000 and support more than 700 temporary construction jobs. In addition to the private development, the Port has commenced its construction of the new 8th Street access road and trail system to support the community’s goals of public access to the waterfront.
For more information, contact Lisa Lefeber, Chief of Policy and Communication, at email@example.com or by phone at 425.388.0617.
About the Riverside Business Park
The Port of Everett purchased the 85-acre Riverside Business Park from Weyerhaeuser in 1998. Weyerhaeuser operated a Mill on the site from 1915-1980s. The environmental cleanup on the site concluded in 1999. Over the years, the Port has improved the property with fill, roadways, utilities and raised the property out of the flood plain. The property has been sub-divided into nine (9) parcels, some of which have already been developed. The Port Commission’s goals for the property are to support jobs and tax base for the Port District. In 2007, the Port sold 5-acres of the business park to Motor Trucks International, and in 2012, the Port sold nearly 16-acres of the business park, which included a long-term lease with Allied Waste, to Snohomish County. This year the Port sold 15 acres to KW Projects for a Fed Ex cross dock facility and ground leased 10 acres to Latitude Development for a Zodiac Northwest Aerospace Technology facility.