Port of Everett Commission Authorized CEO to enter into Purchase and Sale Agreement with KW Projects, LLC for 16.74 acres of Riverside Business Park
Port of Everett Commission Authorized CEO to enter into Purchase and Sale Agreement with KW Projects, LLC for 16.74 acres of Riverside Business Park
Post Date:03/10/2016 2:56 PM
Everett, Wash. – On March 8, the Port of Everett Commission authorized the CEO to enter into a Purchase and Sale Agreement (PSA) with KW Projects, LLC, owned by KiernanWest Development Company, for approximately 16.74 acres of the Port’s 38-acre Riverside Business Park, located off West Marine View Drive on the Snohomish River.
The plan calls for 650,000 square feet of site improvements and 50,000 square feet of light industrial development. The negotiated sale price for the land is $6.75/square foot or approximately $5 million. KW Projects has a 120-day study period, with extensions of up to 150 days with additional conditions. The transaction is expected to close before the end of first quarter 2017.
“KiernanWest provides build to suit services for national clients. We are excited about working with the Port on this project, everyone will be pleased when the tenant can be announced,” Principal of KiernanWest Kevin Kiernan said. “We have been authorized to release all consultants immediately and will pursue the approvals necessary to construct the project diligently.”
The Port continues to market the remaining 12-acres of build-ready land at the Park for uses ranging from light and medium manufacturing, distribution, high tech and office.
“This transaction will provide added value to the entire region,” Port Commission President Glen Bachman said. “Between this land sale and the Panattoni land sale, the Riverside Business Park will employ more than 200 people once up and operational, which has been one of the Port’s driving goals for the reuse of this industrial property.”
For more information, contact Lisa Lefeber, Director of Policy and Communication, at lisam@portofeverett.com or by phone at 425.388.0617.
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About the Riverside Business Park
The Port of Everett purchased the 85-acre Riverside Business Park from Weyerhaeuser in 1998. The property was sub-divided into nine (9) parcels, some of which have already been developed. Approximately 38 usable acres remain for development zoned for heavy to light industrial use. Over the years, the Port has improved the property with fill, roadways and utilities. 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. There is currently a contract pending with Panattoni Development for approximately 10 acres, set to close at the end of 2016 pending site investigations. With the KW Projects Purchase and Sale Agreement approved, 11 acres remain available for industrial development. The Port is serving as its own Broker for the remaining acreage offered, and interested buyers or their brokers should contact Taylor Nuccitelli, 425-388-661 for more information.