By Jack Stubbs
A property occupied by Boeing and located in close proximity to the company’s Everett manufacturing facility changed hands late last week.
On Friday, May 4th, the Boeing Harbour Pointe Technical Center, a 335,000 square foot Boeing-occupied office/research facility in Mukilteo, sold for $25 million, or approximately $75 per square foot, according to public records filed with Snohomish County.
The buying entity, MRM Mt. Vernon LLC, shares the same address as InCity Properties, a Seattle-based property and asset management firm. The seller was Prescott Realty Group Inc., a property management and investment company based in Dallas, Texas. The transaction was recorded on May 9th.
Neither the buyer nor the seller responded to calls or emails for comment in time for the publishing of this story. Prescott Group is making a slight profit on the property, which the company acquired for approximately $23.7 million, or $71 per square foot, in December 2012 from Wired Zone Property LP, according to public documents.
The Boeing Harbour Pointe Tech Center, located at 6500 Harbor Heights Parkway, is a four-story Class A office/research facility in Mukilteo that totals 334,758 square feet, according to the property listing on Prescott Group’s web site. The facility, built in 1984, was formerly a torpedo testing facility for Raytheon, a defense contractor company. According to the listing on loopnet.com, Boeing currently leases 94 percent of the building’s total square footage and has expansion rights on the remaining space. The listing also emphasizes the facility’s “campus-like environment with a lush landscape” that offers views of the Puget Sound and Olympic Mountains.
The campus is located approximately three miles from Boeing’s Everett site, recognized as the company’s largest manufacturing facility, where the company produces the 747, 757, 777 and 787 airplanes. Built in 1987, the facility sits on 99 acres and is home to 30,000 employees that work in aircraft fabrication and production, product development and aviation safety and security, according to the web site for the property.
The Harbour Pointe Tech Center is just five miles from Paine Field Airport and approximately five miles south of Mukilteo. Additionally, the property is roughly four miles from access to Washington State Route 525 and about 4.5 miles from Washington State Route 99.
InCity is an asset management firm that serves multiple areas in the region, including Seattle, Bellevue, Kirkland, Woodinville, Bothell, Everett and Spokane, according to the company’s web site. InCity’s capture of the Harbour Pointe Tech Center adds to the company’s portfolio of 23 commercial properties in the Puget Sound region. Some of the company’s other assets include the Park 140 Business Park, a 117,000 square foot property in Bellevue; Plaza at North Creek, a 97,300 square foot asset in Bothell; and the Port Gardner Building, a 98,000 square foot building in Everett.
Founded in 1996, Prescott Realty Group provides a variety of services to its clients including entitlements, development, construction and asset management, according to the company’s web site. The company’s portfolio includes nearly 3 million square feet of office product, nearly 1,500 multifamily units and a mix of residential, retail, mixed-use and hospitality properties.