By Jack Stubbs
Newport Beach, CA-based Panattoni Development Company, an international real estate developer that specializes in industrial real estate development, recently sold one of its Puget Sound region properties. On August 19th, Panattoni, listed in public documents as Tilt 184 Industrial LLC, sold a 4.89-acre parcel—which includes a 101,396 square foot industrial building—for $13.3 million, Pierce County records show. The buyer of the property was GSR Investments LLC, an entity based in Sumner.
The subject property, located at 5017 184th St. E. in the area of Frederickson, totals just under five acres, and also includes a 101,396 square foot industrial warehouse property. According to a property flyer written by Kidder Mathews, the project—called Panattoni Frederickson 184—was delivered in fourth quarter 2018. Sitting adjacent to Canyon Rd. E., the property is roughly 15 miles south of Tacoma.
The build-to-suit property features concrete-tilt construction and 105 parking stalls, with shell lease rates averaging $0.47 per square foot and rents for office space averaging $1.00 per square foot.
The industrial development is roughly 45 miles from the Port of Seattle and 15 miles south of the Port of Tacoma, and is also about ten miles from access to Washington State Route 512.
Founded in 1986, Panattoni Development Company operates from 24 offices across the U.S., Canada and Europe, and has successfully developed more than 340 million square feet of built-to-suit industrial, office and retail space in more than 278 cities.
Some of the company’s current projects in the Puget Sound region include OSW Equipment BTS, a 104,750 square foot distribution facility in Maltby, and Seattle Gateway Center Building 2, a 133,417 square foot distribution facility in the King County city of Burien.
In January 2019, Panattoni sold a 281,800 square foot office building—located within the 87-acre, Master-Planned Des Moines Creek Business Park—for $14.7 million to Des Moines Creek Business Park Phase II LLC. Phase III of the project, located at 2141 South 211th Street, consists of two distribution facilities totaling just over 502,000 square feet, according to Panattoni’s web site. Construction began on Des Moines Creek Business Park began in March 2016 and was completed in March 2017.
Some of the company’s other developments in the Pacific Northwest region include North Auburn Logistics, a distribution facility totaling just over 261,000 square feet, and Woodinville Reserve-Building 2, a 158,725 square foot development that currently has just under 58,000 square feet available for lease, according to Panattoni’s web site.