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
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
Post Date:01/14/2016 12:27 PM
Everett, 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.
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 has been sub-divided into seven (7) parcels and consists of approximately 38 usable acres for a light industrial business park. Over the years, the Port has improved the property with fill, roadways and utilities. The Port Commission’s goals for the property have been to support jobs and tax base for the city. 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. With this Purchase and Sale Agreement, 28 acres remain available for industrial development.