Home Finance Eight-Parcel Condo Property in Marysville, WA, Sells for $12.7MM

Eight-Parcel Condo Property in Marysville, WA, Sells for $12.7MM

By Jack Stubbs

In early September, in a transaction that was recently recorded, eight parcels of land in Marysville—a city just a few miles north of Everett—sold for $12.7 million, Snohomish County records show. The buyer was Noreen LLC, an entity affiliated with EGL Properties LLC based in Shoreline, and the seller was Irvin Family LLC based in Marysville. 

The sale included eight adjacent parcels—located at 14701, 14725, 14803, 14716, 14702, 14713 50th Drive NE and 5025, 4013, 5022 148th St. NE in North Marysville—which also include several condominium units, according to public documents. 

The eight-parcel property is roughly six miles north of Marysville via I-5 and thirteen miles north of Everett. The property is also about seven miles south of Arlington. 

Marysville has not seen too many sales over the last few quarters, although a number of transactions across different property types indicate that investors continue to view the Snohomish County city with interest. Earlier this year, 210 acres of vacant land in Marysville—where Tulalip Tribes of Washington acquired four parcels of vacant land for $9.4 million from Security State Bank—and Bonney Lake sold for a combined $18.5 million. 

In mid-June, Vector Development Company, a Pacific Northwest commercial real estate development, investment and asset management firm, announced that it had begun construction MI-5 Business Park located at 4000 156th St. NE, a two-building development that is part of the Arlington Marysville Manufacturing Industrial Center (AMMIC).

“We are very excited to be a part of the AMMIC zone and hope prospective tenants can capitalize on these tax abatements and attract new jobs,” said Tyler Litzenberger, president of Vector Development Company, at the time of the announcement.  “MI-5 is also in a great location, strategically situated close to the highly desirable Everett industrial submarket, Boeing and many related aerospace businesses.” 

In early August, TN-based Community Healthcare Trust Inc., a full-service healthcare real estate company that operates a portfolio of healthcare facilities across the U.S., acquired the 115-bed Smokey Point Behavioral Hospital property, located at 3955 156th St. NE, from New York-based US HealthVest.