Home Finance ElmTree Pays $58.7MM for 204,500 SQFT Industrial Property in Everett

ElmTree Pays $58.7MM for 204,500 SQFT Industrial Property in Everett

By Catherine Sweeney 

A St. Louis-based real estate investment company is growing its footprint across the Puget Sound region. In a sale that closed on June 17 but was only recently recorded, ElmTree Funds purchased an industrial asset in Everett from Seattle-based real estate investment company Capstone Partners. The property traded for $58.7 million, or roughly $244 per square foot, according to King County public records.

Located at 11404 Commando Road in Everett on more than 15 acres, the property totals 240,500 square feet, according to a previous listing for the property. The building is also fully leased to Collins Aerospace, a subsidiary of Raytheon Technologies and one of the nation’s largest suppliers of aerospace and defense products. 

In general, the property is located primarily among other industrial and aerospace users, such as Boeing and UTC Aerospace Systems. The Paine Field airport is also located just north of the property. 

The new owner of the property, ElmTree, was founded in 2011 and is made up of a team of real estate investors who have collectively executed over $20 billion worth of commercial real estate assets, according to the company’s website. In the first quarter of 2022 alone, the company acquired seven commercial office and industrial assets totaling 3.2 million square feet across the United States.  

One such deal, which closed on March 10, was for the Amazon-leased Maple Valley Logistics Business Park in Seattle. According to previous reporting from The Registry, the property was sold by Panattoni to ElmTree for just over $95 million.