Panattoni Development Company, a privately held, national developer based in Newport Beach, California, and MetLife, Inc. have formed a partnership that will develop three new industrial distribution parks for nearly $63 million in the Seattle area. According to MetLife press release, MetLife will be the majority owner and Panattoni will be the managing minority partner. The greenfield sites will add more than 900,000 square feet of high-quality warehouse space in the Seattle region.
Construction of the three greenfield warehouse sites are expected to be completed mid-year 2015, creating a total of 600 jobs. The largest project is the Des Moines Creek Business Park, which will comprise three buildings totaling 535,830 square feet on a 37-acre site. The two other developments are the Steele Building, which will offer 206,463 square feet of warehouse space on 8.6 acres, and the Tamarack Building, a 159,250-square foot industrial park to be built on 7.0 acres.
"These three industrial parks we are developing in the Seattle area demonstrate our commitment to continuing to diversify our real estate equity holdings through the addition of high quality industrial assets," said Robert Merck, senior managing director and global head of real estate for MetLife. "We have an experienced partner in Panattoni and our national collaboration in the industrial park segment is off to a great start, first in Atlanta and now in Seattle."
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