By Meghan Hall
Two plots of land in the Snohomish County submarket have been purchased that could be prime redevelopment. In two separate transactions that recently closed, Missouri-based NorthPoint Development acquired an Arlington property and a Marysville property for a combined $26.7 million. The deals closed in December but only recently recorded, based on information from county documents.
In the larger of the two transactions, NorthPoint paid $16 million for a property located at 6600 172nd St. NE in Arlington, Wash. The seller of the asset was Natural 9 Holdings LLC, affiliated with Tim Kaintz, of Lake Stevens, Wash. The property, which is vacant, totals 89.47 acres.
In a second transaction, NorthPoint purchased a property located at 16015 51st Ave. NE in Marysville. NorthPoint acquired the asset for $10,739,151, and the seller was affiliated with Steiner Farms. NorthPoint acquired eight different lots, according to public records. The property totals more than 180 acres. The Arlington Airport is one minute away, while Paine Field Airport, Boeing’s Production Facility is 20 minutes away. SEATAC is about an hour’s drive.
NorthPoint has one other asset in the Puget sound: Hawks Prairie 1: a 1,287,510 square foot industrial project completed in 2020. The development includes 1.9 million total planned square feet with 176 dock positions, 6 drive-in docks, and 306 trailer stalls. The project is located in Lacey, Wash., close to Interstate 5 and the Port of Tacoma.
It is currently unclear what NorthPoint’s plans for its latest acquisitions will be, as no plans are on file with Marysville or Arlington. However since its founding in 2012, NorthPoint has raised $7.3 billion in capital and has incorporated more than 97.7 million square feet of industrial into its portfolio. According to its website, the firm has more than 337 industrial clients nation-wide, including big Puget Sound names such as Amazon and Boeing. Other clients include Adidas, Patagonia, GM and FedEx.