Home AEC Rainier Pacific Properties Acquires Five Parcels of Vacant Land in Mountlake Terrace...

Rainier Pacific Properties Acquires Five Parcels of Vacant Land in Mountlake Terrace for $17MM

By Jack Stubbs

Land and redevelopment opportunities throughout the Puget Sound region are at a premium, and a swath of vacant land in Snohomish County recently changed hands.

On Tuesday June 5th, Rainier Pacific Properties, a family-owned real estate firm that acquires and develops commercial properties throughout the Puget Sound region, acquired five parcels of land in Mountlake Terrace totaling roughly 15 acres for $17 million, according to Snohomish County records. Rainier Pacific Properties acquired the land from Sierra Construction Company Inc., a Woodinville, Washington-based general contractor and construction company.

The buyer did not respond to calls for comment in time for the publishing of this story.

Sierra Construction, who declined to comment on the transaction, is making a profit on the land, which it acquired from Triad Development Inc. in late January 2018 for $13 million.

The five parcels comprise 15.22 acres of vacant land; public records designate the property category as “land and improvements.” The largest of the parcels, a 9.75-acre piece of land, is located at 6004 237th St. SW in Mountlake Terrace.

The five-parcel property is less than a mile from Mountlake Terrace, roughly three-and-a-half miles to the south of Lynnwood and four miles to the north of Kenmore. Additionally, the property is approximately one mile from access to Interstate-5 and about three miles from Washington State Route 99.

It is not yet clear what plans Rainier Pacific has for the land, although no project plans have yet been filed with the city.

Founded in 1986, the company acquires, develops and operates commercial investments of all property types and focuses on long-term ownership in key locations throughout the Puget Sound region, according to its web site. The recent capture of the land adds to the company’s portfolio of twelve other assets throughout the Puget Sound region. Some of Rainier Pacific Properties’ other assets include the 134,000 square foot Verizon office building in Bellevue’s Eastgate neighborhood; the 23,000 square foot Columbia City Post Office building in Seattle; and the 33,000 square foot Woodmont Place Shopping Center in Kent.

Founded in 1986, Sierra Construction specializes in commercial, industrial, mixed-use, multi-family and tenant-improvement construction projects. Some of the company’s in-the-works projects include the 154-unit Blackbird Apartments in Redmond; the Des Moines Creek Business Park Phase IV, a 512,100 square foot industrial warehouse project; and the Georgetown Crossroads, a three-story 589,600 square foot industrial facility that is slated for completion in third quarter 2018.