By Kate Snyder
The industrial market in Kent continues to remain active as the Pacific Gateway Industrial Park trades hands for $260 million, or about $315 per square foot, according to King County public records. The seller was an entity affiliated with Link Industrial Properties, Blackstone’s industrial affiliate, which originally developed the property with Panattoni Development Company, an international development firm. The buyer was an entity affiliated with Property Reserve, Inc., which is the commercial real estate investment arm of The Church of Jesus Christ of Latter-day Saints.
Located at 20301 59th Place S., Pacific Gateway is an 823,544 square foot complex spread across six buildings. Nearby businesses include Amazon, Boeing and HySecurity.
According to its LinkedIn page, Property Reserve, Inc.’s real estate investment activities include stewardship of land holdings, in-house development, direct acquisitions, asset management, fund investments and joint-ventures.
Link Industrial and Panattoni closed on a deal to purchase the 53.6-acre site in 2020, according to The Registry’s previous reporting. The two companies paid Boeing—the former owner—about $60 million. The property was formerly used as a Boeing surplus yard and was one of Kent’s largest industrial transactions in the previous decade. In May 2020, the Pacific Gateway project broke ground.
Project plans called for the six buildings to range in size from 38,191 square feet all the way up to 342,206 square feet with heights ranging from 24 to 40 feet. Trailer parking was also etched out in the plans as well as a mix of grade level and dock high doors. Plans also included 588 vehicle parking stalls.
Last year, Panattoni was involved in the sale of another industrial project in the Puget Sound area, according to previous reporting from The Registry. A joint venture of Panattoni and Crow Holdings sold off Tacoma Gateway II for about $87 million. The buyer was Annapolis, M.D.-based Realterm Logistics. The properties in that deal are located at 12005 Steel St. S and 11715 21st Ave. Ct. S., in Tacoma. The first and largest parcel was home to a 273,816 square foot “mega warehouse” completed in 2021 on 12.03 acres of land, while the other two parcels consisted of 6.27 acres and 1.411 acres of land, respectively.
