EVERETT — A national development company is ready to erect a 108,000-square-foot warehouse along W. Casino Road, as demand continues for industrial buildings in Everett.
Just more than five years ago, Panattoni Development broke ground on its first building in Everett. The newest project will be Panattoni’s 10th building.
“It was slow when we started (in 2002). But we’re very happy with the market now,” said Bart Brynestad, local partner with Panattoni, which is based in Sacramento, Calif.
The new warehouse will be built on 7.5 undeveloped acres in the 2200 block of W. Casino Road. The property was owned at one time by Verizon Northwest, according to county records.
Brynestad said construction should be done by December. The company is building on speculation, meaning it doesn’t have a specific tenant in mind for the structure.
“We have some interest in the building and some proposals out,” he said.
Attracting tenants hasn’t been a problem in recent years for Panattoni. The company is finishing four buildings in the Seaway Center area of Everett, north of the Boeing Freeway. It already has built five others there since 2002.
The first two buildings Panattoni built at the corner of Merrill Creek Parkway and Hardeson Road sold three years ago for more than $12 million.
Gary Bullington, a director at Cushman &Wakefield, said the Everett area is still attractive to businesses in need of large manufacturing or warehouse spaces. Such companies have found it too expensive to expand or remain in such space in Seattle or Bellevue due to real estate values and the lack of undeveloped property.
So instead, he said, many have shifted north to this area, where companies can build larger facilities that still are conveniently located for their workforce.
Bullington, who has marketed Panattoni’s projects in Everett, said that trend should continue, which means Panattoni’s newest building isn’t likely to stay empty.
In the first quarter, Cushman &Wakefield reported just more than 6 percent of industrial space in the south half of Snohomish County sat vacant.
Reporter Eric Fetters: 425-339-3453 or fetters@heraldnet.com
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