Scannell Properties acquires 16.35 acres in Everett, WA for industrial development
Scannell Properties, an international commercial real estate developer, has acquired 16.35 acres in Everett, Washington, for a speculative industrial development. This is the developer’s first project in Washington.
The property, on 100th St., SW, is near Paine Field, a new commercial and general aviation airport, roughly 25 miles north of Seattle. Scannell Properties plans to develop a 130,000-SF industrial building that can be divided into 3 or 4 individual spaces if desired.
Construction is expected to begin in second quarter 2023, with completion expected in 2024.
“Scannell has been excited about the Greater Seattle market for a long time, and we felt this was the right moment for us to make our first investment. The city of Everett has strong proximity to several growing population centers and will also now be serviced by the commercial airport at Paine Field. We like the market fundamentals and believe there are strong tailwinds for new logistics-focused product that skews towards warehousing in this market,” said Mohnish Narlanka, development associate at Scannell Properties.
“We have completed the wetland permitting process and have secured the necessary entitlements from the Army Corps of Engineers, and we are pursuing a development that aligns with the City’s vision for a competitive industrial submarket and thriving local economy,” added Narlanka.