By Meghan Hall
With increasing frequency, Boeing is closing on deals to sell off its Puget Sound assets. In the latest deal–and one of the largest–Boeing has sold its Fredrickson Campus to international commercial real estate firm Panattoni Development Company. The sale closed on Tuesday, September 14th, according to Pierce County public records, and the property traded hands for $200 million.
The asset is located at 18001 Canyon Rd. E and 6402 180th St. E. The property includes mostly undeveloped land. The asset initially hit the market in March of this year, and the deal closed just about a month after Panattoni filed development permits for the 310-acre site. Preliminary plans indicate that Panattoni intends to construct several industrial plans on the site.
Boeing has been working diligently to cut its real estate footprint by about 30 percent. In an earlier deal, Boeing also sold 54 acres in Kent to a joint venture of Link Industrial Properties, part of Blackstone, and Panattoni, for $60 million. That deal closed at the beginning of 2021.
In July, the multinational aerospace firm sold its Bellevue offices for $139 million. The deal closed just before the end of June, and the buyer was Palm Beach, Flor.-based Westbrook Partners.
Boeing has also sold off an Everett transportation building. The deal also closed mid-summer for $35 million. The asset, located at 2600 94th St. SW was sold to Bosa Development. Boeing is also expected to try to sell its 205 Longacres campus, located in Renton.
Panattoni’s presence in the Puget Sound market has been sizable; the firm owns a number of logistics and industrial properties, particularly south of Seattle. Its assets include the 628,640 square foot Dupont Logistics Center, Pacific Gateway Industrial Center, which totals 591,898 square feet and Puyallup Logistics, which totals 197,026 square feet.
Since the company’s founding in 1986, Panattoni has developed more than 444 million square feet, according to its website. The firm has 35 offices across the United States, Canada and Europe.