By Meghan Hall
Auburn, Wash.-based Latitude Development has sold off half of its Latitude Business Park development located at 415 Riverside Rd. in Everett, Wash., according to Snohomish County public documents. The property, currently occupied by Northwest Aerospace Technologies (NAT), was purchased by Bellevue, Wash.-based Pine Forest Properties for $22.17 million, or about $216 per square foot.
The 102,500 square foot building is meant to be part of a two-building complex known as the Latitude Business Park. NAT has fully leased the first building, known as Building A, which broke ground in June 2017 and has since been completed. According to a press release dating to the time construction began two years ago, NAT and Latitude worked closely with the Port of Everett to secure a ground lease for the development site in October 2016. The building is comprised of about 37,000 square feet of office and 65,500 square feet of manufacturing space. According to its website, NAT currently houses 211 employees at the site; the company specializes in large transport category aircraft modification programs.
The Latitude Business Park is situated within the Port of Everett’s Riverside Business Park, which purchased the 85-acre property from Weyerhaeuser, one of the world’s largest private owners of timberlands, in 1998. Previously, the site was occupied by a mill dating back to 1915. In order to create jobs and expand the local economy, the Port worked to improve the site, resolve development questions and divide the site into nine parcels.
According to a brochure released by Broderick Group, the second building in the Latitude Business Park, known as Building B, is also up for lease or sale. Located at 405 Riverside Rd., the brochure states that the permitting has been secured for the site, and that the project can accommodate between 50,000 and 100,000 square feet of manufacturing or distribution space. The building’s anticipated delivery is in the fourth quarter of 2019.
Latitude Development is a locally-owned business operating out of Auburn that develops institutional-grade projects throughout the Puget Sound. The company is also working to develop the North Shore Heated Storage facility in Federal Way, Wash., and the Puyallup Medical Office Building in Pauyallup.
Pine Forest Properties, owned by the Burnstead family and Burnstead Construction Company, develops, acquires, manages and leases high-quality office, industrial and multi-family buildings throughout the Pacific Northwest. According to its website, the firm targets well-located stabilized value-added assets in the $5 to $50 million range in priority markets. Currently, the firm also owns Westview 522, a 184,260 square foot industrial park in Woodinville, Wash.