Home Commercial Panattoni Development Buys Tacoma Industrial Development for $16.8MM

Panattoni Development Buys Tacoma Industrial Development for $16.8MM

By Meghan Hall

Panattoni Development Company, one of the largest private development companies in the world, continues to wheel and deal in Tacoma. In a transaction that closed on August 17th, the firm acquired several industrial assets for a combined $16.8 million. The seller of the assets was Ilahie Tacoma LLC, a Seattle-based company.

The properties purchased by Panattoni include 11715, 11727 and 11813 21st Avenue Ct. S. Together, the parcels total more than 13-acres of largely undeveloped land. Just one building, totaling about 20,000 square feet, sits on the property, according to the Pierce Counter Assessor-Treasurer’s website. Currently, there are no redevelopment plan on file with the City of Tacoma.

The properties are located outside downtown Tacoma, off of Interstate 5 and State Route 512. The surrounding neighborhood is residential and commercial; nearby businesses include Blue Steele Coffee Company, Zumar Industries and Heartland Express.

Panattoni specializes in industrial real estate and has been active in Tacoma previously; in August of last year, the Irvine, Calif.-based firm sold a 101,396 square foot industrial building on 184th St. E for $13.3 million. In January of last year, it sold off the Des Moines Creek Business Park that spans 83 acres for $14.7 million.

According to the company’s website, Panattoni operates more than 24 offices throughout the United States and has developed more than 376 million square feet of space in all major industrial hubs, including the Puget Sound. Since 2011, the company has developed about 12 million square feet of space per year. In the Puget Sound, Panattoni has completed more than 20 projects, including: Seattle Gateway, Tacoma Gateway, the Skyline Distribution Center, Woodinville Reserve and others.