By Kate Snyder
Covington continues attracting attention from investors. In a recent land acquisition, a vacant 20.5-acre parcel in Covington traded hands for $12.2 million. The buyer was an entity affiliated with Panattoni Development Company, an international development firm, which has plans to construct a warehouse on the property. The seller was an entity affiliated with Julie Girard, who co-founded Girard Resources & Recycling, a landscaping supply located adjacent to the property site.
The site is located at 28009 Covington Way SE, southeast of Auburn-Echo Lake Cutoff Road and near several businesses, such as Costco Wholesale, Fred Meyer, Walmart and Kohl’s.
According to Covington city records, Panattoni is planning to construct a 258,495 square foot warehouse building with associated utilities, parking and landscaping on the site. The engineer for the project is listed as Barghausen Consulting Engineers, Inc., and the architect is listed as SynThesis Architects PLLC. The application for the project was submitted last year.
Founded in 1986, Panattoni is a privately held, full-service real estate development company. It has 48 offices in the United States, Canada and Europe and since its inception has developed more than 578 million square feet of space including more than 211 million square feet of build-to-suit projects.
Panattoni was also involved in the recent sale of the Pacific Gateway Industrial Park for $260 million, or about $315 per square foot, according to previous reporting from The Registry. The seller was an entity affiliated with Link Industrial Properties, Blackstone’s industrial affiliate, which originally developed the property with Panattoni. The buyer was an entity affiliated with Property Reserve, Inc. Located at 20301 59th Place S., Pacific Gateway is an 823,544 square foot complex spread across six buildings.
Another project the firm announced in recent months is the construction of a distribution center in Spokane Valley. Panattoni in partnership with PCCP, LLC, has moved forward with the development of Green Acres Distribution Center, a building totaling 192,078 square feet and located on 9.8 acres at 17770 East Euclid Avenue in Spokane Valley.