By Jack Stubbs
Northwest Building LLC, an industrial and office development company based in Seattle, recently made an acquisition in the Snohomish County city of Arlington, public documents show.
In mid-July—in a transaction that was only recently recorded—the company spent $12.2 million, or about $130 per square foot, to acquire a warehouse/distribution property. The seller of the property was Dallas, TX-based Spirit Realty Capital, a real estate investment trust (REIT) that seeks investments in retail and distribution properties nationwide.
The subject property, located at 17117 59th Ave. NE roughly two miles south of Arlington, is a two-story warehouse/manufacturing property constructed in 2002 that totals 93,276 square feet and sits on just over six acres, according to public documents.
According to Google Maps, the property currently serves as a distribution facility for Crown Distributing Company Inc., a company that partners with Pacific Northwest brewing companies and shippers as part of a regional beer distribution system. The company has been located at the 59th Ave. location since 2002, according to its web site.
The property is roughly fifteen miles north of Everett via Interstate-5 and about 18 miles north of Snohomish. The building is also proximate to access to State Route 512.
Northwest Building LLC, a subsidiary of Mathew G. Norton Company, is one of the Puget Sound region’s largest commercial real estate and investment, development and management firms, according to its web site.
Some of the company’s other Pacific Northwest industrial assets include Fife Commerce Center, a two-building, 798,950 square foot property in Fife; Kent Corporate Park 72, a roughly 93,500 square foot campus in Kent; and the 67,000 square foot Marmoor Industrial Building, which is located in Redmond.
