Formost Fuji Buys Seattle Industrial Facility

905 80th St. SW. Image courtesy of Kidder Mathews

Formost Fuji, a Woodinville, Wash.-based manufacturer in the packaging industry, has acquired a 65,344-square-foot industrial building in Everett, Wash. The aerospace manufacturing company MTorres America sold the asset, that served as its North American headquarters and manufacturing facility, for $20.1 million. Kidder Mathews represented the buyer.

According to The Seattle Times, the sale was in direct connection with MTorres’ downsizing and relocating its North American headquarters to Lynnwood, Wash. The move was influenced by the pause in Boeing’s 777X program, for which MTorres provided equipment, the news outlet reported.

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Completed in 2017, the property sits on 14.9 acres at 905 80th St. SW and has a capacity for warehouse expansion of up to 32,000 square feet. The asset is some 27 miles from downtown Seattle and has access to Interstate 5 through the 526 Freeway. Notable companies in the area include Boeing, its Everett factory being only 2 miles away, but also Jamco America, FedEx, Amazon, US Foods and Funko Distribution Center, among others.

Executive Vice President Zach Vall-Spinosa and First Vice President James Leptich of Kidder Mathews negotiated on behalf of Formost Fuji.

Seattle’s industrial market

CommercialEdge data shows that 61 industrial properties traded in metro Seattle in 2022, totaling approximately 1.7 million square feet. Just last month, LaSalle Investment Management paid $120 million for a 473,000-square-foot industrial facility in Renton, Wash.

According to the same data provider, the market had a supply pipeline of 14 industrial properties in various stages of development as of January, set to add 3.1 million square feet to the metro’s existing inventory.

In August, Panattoni and Crow Holdings broke ground on a 4 million-square-foot industrial project in Frederickson, Wash. And, earlier this month, Panattoni embarked on another project involving a 243,000-square-foot development in Covington, Wash.