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Pine Forest Properties Buys Latitude Business Park and Development Site in Everett for $4.5MM

Pine Forest Properties, Everett, Broderick Group, Latitude Business Park
Image Courtesy of Broderick Group

(EDITOR’S NOTE: Pine Forest paid $4.5 for the property, according to Snohomish County property records.)

Everett, WA – June 10, 2020: Pine Forest Properties announced that it closed on a fully-permitted, 4.84 acre development site at Riverside Business Park in Everett. The purchase includes all entitlements and building permits for an 82,215 square foot industrial building. 

The permitted 82,215 square foot, 30-foot clear building can accommodate up to 100,000 square feet with mezzanine structure. Pine Forest Properties can deliver the building in 10 months as a result of having building permits in hand. Designed to accommodate manufacturing and distribution uses, Building B has generous parking with 180+ parking stalls, abundant power, 20 dock-high and grade-level loading doors and a generous truck maneuvering area. 

Despite the effects of COVID-19 on real estate and the broader economy, industrial markets have remained relatively strong. Matt Wickens, President of Pine Forest Properties, is a believer in the North End market going forward, “We’re bullish on the continued growth of the North End industrial market, and we’re ready to move forward with development. We anticipate that on-shoring of manufacturing and an increase in logistics requirements will promote continued demand in strong markets such as Everett.

Headquartered in Bellevue, Washington, Pine Forest Properties has been an active investor in Puget Sound properties, including office, multi-family and industrial product types. In April of 2019, Pine Forest Properties purchased the property adjacent to the permitted Latitude Business Park, Building B development site. Latitude Business Park, Building A is a 104,600 square foot, single tenant industrial building occupied by Safran Aerospace (formerly Northwest Aerospace Technologies/Zodiac Aerospace), a large French aerospace company. Riverside Business Park, an 85 acres former Weyerhaeuser site, was purchased by the Port of Everett in 1998. In what has been a successful effort to create jobs, the Port took it through the land development process and divided the site into nine (9) development parcels. Besides Safran Aerospace, owners and tenants at Riverside Business Park include FedEx Freight, Amazon and Compass, Inc.