By Kate Snyder
The Puget Sound’s industrial market continues to record sales activity. A property in Lynnwood recently traded for $10.3 million, or about $184 per square foot, according to Snohomish County property records. The buyer was an entity affiliated with Pietromonaco Properties, and the sellers were representatives of the Behse Family Trust.
Located at 12424 Beverly Park Road, the site, known as the Beverly Park Business Center, is positioned on 2.92 acres of land. According to county records, the property spans 56,065 square feet, with one building totaling 34,890 square feet and another coming in at 21,175 square feet.
Based on Mercer Island, Pietromonaco Properties is a commercial real estate investment company that owns and operates industrial, office and retail properties throughout the Pacific Northwest, according to the firm’s website. The company has for years been active in the Puget Sound region.
In 2022, an entity affiliated with the firm purchased the Everett Mall Office Park for $14.3 million, or approximately $76 per square foot, according to previous reporting from The Registry. The seller was an entity affiliated with Pflueger-Everett Holdings, LLC, in Bend, Ore. Located at 906 & 1000 SE Everett Mall Way, the two buildings involved in the sale were a four-story structure built in 1986 totaling 71,994 square feet and a six-story structure built in 1988 totaling 115,110 square feet.
Lynnwood has seen other sales transactions recorded within the city in the past six months, most recently in the retail market.
Earlier this year, two dealerships, Land Rover Seattle and Jaguar Seattle, along with an additional parcel were purchased by an entity affiliated with Fields Auto Group for $22 million. The seller was an entity affiliated with Al Monjazeb, a car dealer based in Bellevue. The two dealerships share an address at 19910 Poplar Way, and the building associated with that location spans 28,613 square feet. Another address, 19904 Poplar Way, was also included in the sale, and property records had no information on any structures within that parcel.
