Across the nation, industrial properties have been in high demand. Recent industrial transactions show that this trend is no different in the Puget Sound. In one recent transaction, Nicholson Manufacturing Company purchased a 50,000 square-foot industrial building in Snohomish. According to King County records, the property was sold by My Gift Enterprise LLC for $16.2 million, or about $324 per square foot.
The property is located at 19926 Broadway Avenue, just off of State Route 522 and in close proximity to a number of manufacturing and distribution facilities. The building is one of two buildings that make up the Broadway Business Park, which was completed in 2021. Situated on 9.84 acres of land, the industrial complex totals 86,000 square feet.
MyGift Enterprise – a manufacturer and online retailer of home decor products – purchased the building in 2020 just shortly before the building was completed, public records show.
The property’s new owner, Nicholson Manufacturing Company, is currently located at 200 S. Orca Street. It appears as though the manufacturing company will be expanding space into Snohomish as property records show My Gift Enterprise LLC has terminated its lease at the site.
The industrial deal is one of many the Puget Sound has been seeing over the past several months. For instance, in April, Irving, Texas-based Arcis Equity purchased a 7.4-acre industrial site in Seattle for just over $40 million. The asset is located at 9747-9777 Martin Luther King Jr. Way South. Also, in March, Panattoni sold the 112,138 square-foot Maple Valley Logistics Business Park for $95 million, or about $847 per square foot. The newly-constructed warehouse is located at 23226 Witte Rd. SE and currently operates as an Amazon delivery station.
