By Meghan Hall
Just days after selling off two properties in Kirkland, Wash., an investor has bought up a 335,000 square foot research facility in Mukilteo. Amitsys Property LLC, affiliated with Tom Prenzlow and Systima Technologies, purchased the Harbour Pointe Tech Center for $46.75 million, or about $140 per square foot. The asset was sold by Dallas, Texas-based Prescott Group.
The Harbour Pointe Tech Center is located at 6500 Harbour Heights Parkway and originally served as a torpedo testing facility for Raytheon. The property is managed by Seattle-based InCity Properties. Boeing has leased the entire property since 2000, with its lease set to expire in August of this year, according to a Loopnet listing. Boeing used the property for its product development and flight services groups. Its commercial airplanes division, as well as several executive offices, are also located at the property.
The campus is three miles from Boeing’s Everett site, one of the company’s largest manufacturing facilities and the largest in the world by building volume. Built in 1987, the facility includes 99 acres and is where Boeing produces 747, 757, 777 and 787 airplanes. Boeing is nearing a decision on consolidating its production and closing the Everett facility, shifting production to South Carolina in the coming months. The announcement is expected to come in October.
Systima’s acquisition of the property comes just days after it sold off its office property and an adjacent site in Kirkland to Alco Investment Company for $28.5 million. That property is Systima’s current headquarters. According to a February statement, the firm is pursuing the buildout of 100,000 square feet of additional facility space spread between two campuses in Maltby and Port of Skagit, Wash.
The expansion comes in response to U.S. Department of Defense needs for advanced composite and ordnance systems. Systima develops hypersonic and long-range weapons systems, and its new offices are expected to serve its needs for at least the next decade, according to a statement from the company.