Panattoni Pays $2.8M for 9.7 Acres in Everett
Friday, January 15th 2016
SEATTLE, WA –
Panattoni Development Co. is buying 9.68 acres in the 38-acre Riverside Business Park (shown here in orange) from the Port of Everett.
The port said its commission has authorized a $2.85 million purchase and sale agreement with Panattoni.
“We are very excited to expand our presence in Snohomish County,” said Bart Brynestad, partner with Panattoni, in a news release. “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.”
Documents associated with the sale show a site plan with 205,000 square feet of light-industrial space on lots 5 and 6 of the park, which is off West Marine View Drive on the Snohomish River.
Panattoni has a 90-day study period with three 30-day extensions. The deal could close as early as April or as late as the end of the year.
The port is marketing the remaining 28 acres in the park, which is zoned for light, medium and heavy manufacturing, distribution, high-tech and office uses.
The port bought the 85-acre Riverside Business Park in 1998 from Weyerhaeuser, and has improved it over the years with fill, roads and utilities. In 2007 it sold 5 acres to Motor Trucks International, and in 2012 it sold nearly 16 acres to Snohomish County.