By Jack Stubbs
Seattle-based Northwest Building, who has developed more than five million square feet of industrial product throughout the Puget Sounds region and operates across several major West Coast markets, recently-made a large-scale acquisition in Snohomish County.
As part of two separate sales that closed on November 15th—but were only recently recorded— the company spent a combined $61 million to acquire a roughly 43-acre manufacturing/industrial property proximate to Boeing’s corporate offices in Everett.
According to public records, Northwest Building spent $41 million to acquire a 33-acre manufacturing/industrial property which includes two commercial buildings totaling about 215,500 square feet, and $20 million to acquire an adjacent 9-acre manufacturing property which includes a 110,700 square foot commercial building.
The seller of the properties was Washington Holdings, a company that acquires, develops and manages real estate investments throughout the Western U.S., specifically targeting hospitality, multifamily, R&D/industrial assets in Seattle and the greater Puget Sound region.
The first property, located at 6300 Merrill Creek Parkway, includes a one-story commercial building constructed in 1998 which totals 37,310 square feet, and an adjacent manufacturing property that totals 178,242 square feet. The second property, located at 8500 Merrill Creek Parkway, is an approximately 9-acre manufacturing property, on which sits a 110,700 square foot commercial building constructed in 1996.
According to Google Maps, some of the current tenants located in the two properties at 6300 Merrill Creek Parkway include Watertectonics, Rolls-Royce North America, Applied Technical Services, Zodiac Aerospace and Onomac Industries.
Home to Boeing, the city of Everett has long been regarded as a hub for aerospace technology and development, with the company’s corporate offices located roughly three miles south of the recently-sold properties via State Route 526. Boeing’s Everett Site is by many regarded as having the largest manufacturing building in the world, producing the 747, 767, 777, and the 787 airplanes, according to the company’s web site.
Thousands of aerospace employees in Everett supporting aircraft fabrication, production, development, and aviation safety and security. Originally built in 1967 to manufacture the 747, the main assembly building has grown to enclose 472 million cubic feet of space across roughly 98 acres.
Northwest Building has developed some of the Puget Sound region’s premier industrial parks. Some of the company’s 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 located in Redmond. The company’s current development activity focuses on urban infill self-storage projects, ground-up developments and redevelopments and adaptive reuse projects.
According to The Registry’s reporting, Northwest Building’s last acquisition locally in the region occurred in mid-September 2019, when the company paid TX-based Spirit Realty Capital $12.2 million, or about $130 per square foot, for 93,2000 warehouse/distribution property in Arlington, which is roughly 15 miles north of Everett.