Port of Everett Commission Authorizes Industrial Land Sale to Panattoni
Friday, January 15th 2016
SEATTLE, WA –
Port of Everett Commission Authorized CEO to enter into Purchase and Sale Agreement with Panattoni Development Company for 9.68 acres of Riverside Business Park Riverside Business ParkEverett, Wash. – On January 12, the Port of Everett Commission authorized the CEO to enter into a Purchase and Sale Agreement (PSA) 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.
The PSA includes a site plan that depicts a 205,000 square feet light industrial building for the site inside Lots 5 and 6. Panattoni has developed 8 million square feet of commercial space in the Puget Sound, and was recently named NAIOP’s Industrial Developer of the Year for the Puget Sound.
“We are very excited to expand our presence in Snohomish County,” said Bart Brynestad, Partner with Panattoni Development Company, Inc. “We will work to create at least 200 new jobs for this community through our partnership with the Port of Everett. This is a great site with even better access and we are looking forward to finalizing the purchase and sale agreement and getting under construction.
The negotiated sale price for the land is $6.75/square foot or approximately $2.852 million. Panattoni has a 90-day study period, with three, 30 day extension options. The transaction is expected to close before the end of the year.
The Port continues to market the remaining 28 acres of build-ready land at the park (Lots 2, 3, 4 and the remaining portions of 5). The industrial and commercial park is currently permitted for uses ranging from light, medium and heavy manufacturing, distribution to high tech and office.