After being bought in 2018, the Gear Works building in Seattle’s South Park neighborhood is being sold again. According to King County public records, the property is being sold for $10.95 million, or approximately $150 per square foot to an entity associated with Portland Street Investments LLC.
The property is located at 500 S. Portland Street on more than two acres of land, and features a 73,011 square-foot industrial building that was built in 1970, public records show.
The building is home to Machinists Inc., which owns and occupies the facility. According to its website, the company has been manufacturing gears for turbines, power generators and other heavy machinery since its founding in 1941.
“Recognized for technology problem solving, Machinists Inc. reacts quickly and reliably to deliver successful projects. World class welding experts, design and engineering professionals and large machine capacity provide Machinists Inc. the capability to be schedule driven at a competitive price. Turnkey projects, including integrated systems, and just in time delivery, accomplished from our seven plants with over 250,000 square feet,” the company’s website states.
The property is located just off State Road 99 near the Duwamish Waterway and the King County International Airport. The area is primarily home to other industrial buildings, with occupants including Boeing, Boyer Logistics, Marine Lumber and more.
In 2018, Machinists Inc. acquired the facility from the family-owned Gear Works. The company had served the Seattle community for approximately 70 years. Gear Works had worked on local projects, such as creating the gear boxes for a repair project on two of Seattle’s drawbridges and also completed work for major institutions like NASA.
According to industry reports, the company sold its assets to Machinists Inc. due to financial difficulties and at the same time, laid off 61 of its employees. At the time of the sale, Machinists Inc. was able to double its manufacturing space, while also leasing out a 100,000 square-foot building next-door.