Home Finance Underwood Gartland Development Sells 122,952 SQFT FedEx Warehouse in Everett for $39.5MM

Underwood Gartland Development Sells 122,952 SQFT FedEx Warehouse in Everett for $39.5MM

HCA Property Management Inc, Everett, Snohomish County, Underwood Gartland Development, Amazon, Funko, BRIOTECH Inc, US Foods, Comcast, Phil Johnson Ballfields, Coastal Realm Gymnastics, Bosa Development, Rohr Inc, Collins Aerospace and Raytheon Technologies, ElmTree Funds, Capstone Partners

By Kate Snyder

Everett continues to be a place of steady real estate transactions, with one recent deal involving a FedEx warehouse on the city’s southern end. The building was purchased for $39.5 million, or approximately $321 per square foot by an entity affiliated with Midway Logistics Center, LLC, which shares an address with HCA Property Management, Inc., according to Snohomish County public records. The seller was an entity affiliated with Underwood Gartland Development. The sale was recorded on Dec. 28.

The property is located at 7301 Hardeson Road. The one-story, 122,952 square foot building sits on almost 10.5 acres of land, public records show. The site is surrounded by industrial and commercial properties, such as distribution centers for Amazon and Funko, BRIOTECH, Inc., US Foods and a corporate field office for Comcast. Nearby attractions include the Phil Johnson Ballfields and Coastal Realm Gymnastics.

Underwood Gartland Development is a commercial development company primarily focused on the King and Snohomish County industrial markets, according to the firm’s website. Founded in 1993, the company has brought more than 1.5 million square feet of industrial and office space to the market.

HCA Property Management, Inc. is a real estate investment and management company that specializes in the owning and operating of manufactured housing communities, though the company also owns several storage facilities in Arizona, Oregon and Washington, according to the firm’s website. The firm was founded in 1964 and is a family-owned business based in Novato, Calif. 

“Our experience has shown us that mutual respect, concern and communication are the governing principles of good management-resident relations,” the company’s website states. “We continually work at keeping our residents informed and we strive to treat them with respect and reasonableness and ask that they treat us the same way.”

In the past six months, Everett has seen several other industrial properties trade hands. 

Late last year, an entity affiliated with Bosa Development bought a warehouse for $13 million, or about $96 per square foot, according to The Registry’s previous reporting. The seller was Rohr, Inc., which is affiliated with Collins Aerospace and Raytheon Technologies. Built in 2006, the building is located at 2615 94th St. SW in Everett’s Bomarc Business Park and is approximately 135,257 square feet.

Also last year, 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. Located at 11404 Commando Road in Everett, the property totals 240,500 square feet.