Home Finance Panattoni Sells Amazon-Leased Maple Valley Industrial Asset for $95MM

Panattoni Sells Amazon-Leased Maple Valley Industrial Asset for $95MM

By Meghan Hall

Panattoni has been active in the development of a number of Puget Sound industrial projects over the years. Now, it has sold off one of its completed developments to an entity associated with ElmTree Funds. In a deal that closed on March 10th, the Maple Valley Logistics Business Park sold for $95,006,209, according to public records.

The property is a newly-constructed warehouse, completed in 2021. In all, it totals 112,138 square feet and sits on 20.71 acres, based on King County assessor’s data. Located at 23226 Witte Rd. SE, the warehouse, which operates as an Amazon delivery station, opened at the end of last year.

The asset is located just off of State Route 18 and is near a mix of retailers including Bartell Drugs, QFC and Starbucks. Seattle Tacoma International Airport is about a 15 minute drive away, while downtown Seattle is about 40 minutes away. 

Over the past several years, Panattoni has worked quickly to develop many projects in the area. Past projects within the firm’s portfolio include the Pacific South and North Logistics Centers, the Federal Aviation Administration BTS, the Des Moines Creek Business Park and others. Since the company’s founding, Panattoni has developed more than 544 million square feet of industrial, office and retail product in 310 cities. As of 2010, the company has produced about 35 million square feet of new commercial space per year, according to its website.

ElmTree Funds, the asset’s new owner, aims to find opportunities in the build-to-suit, net lease market. Founded in 2011, the company is based in Missouri and has 41 million square feet of real estate as part of its portfolio. 

As of this writing, Panattoni had not yet returned The Registry’s request for comment.