{"id":1004105422,"date":"2014-10-10T06:22:14","date_gmt":"2014-10-10T14:22:14","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004105422"},"modified":"2022-12-09T02:20:09","modified_gmt":"2022-12-09T10:20:09","slug":"metlife-panattoni-jv-to-develop-900-ksf-of-industrial-parks-in-seattle-area","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/metlife-panattoni-jv-to-develop-900-ksf-of-industrial-parks-in-seattle-area\/","title":{"rendered":"MetLife, Panattoni JV to Develop 900 KSF of Industrial Parks in Seattle Area"},"content":{"rendered":"<p><i>By Keith Loria, Contributing Editor<\/i><\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/10\/METLIFEE.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004105423\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/metlife-panattoni-jv-to-develop-900-ksf-of-industrial-parks-in-seattle-area\/metlifee\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/10\/METLIFEE.jpg\" data-orig-size=\"1024,487\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"METLIFEE\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/10\/METLIFEE.jpg?w=1024\" class=\"alignright size-medium wp-image-1004105423\" alt=\"METLIFEE\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/10\/METLIFEE.jpg\" width=\"300\" height=\"142\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/10\/METLIFEE.jpg 1024w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/10\/METLIFEE.jpg?resize=300,143 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/10\/METLIFEE.jpg?resize=768,365 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a>MetLife, Inc. is partnering with Panattoni Development Co. to develop three new industrial distribution parks in the Seattle, Wash.-area for nearly $63 million.<\/p>\n<p>The partnership calls for MetLife to be the majority owner with Panattoni serving as the managing minority partner. The three sites are expected to bring more than 900,000 square feet of Class A warehouse space to the Seattle region.<\/p>\n<p>\u201cOur strategy is to invest in the major property sectors of commercial real estate\u2014office, retail, multi-family, industrial and hotels in primary markets. Diversification by property type and geography is a key tenet of our approach to long-term investing,\u201d Robert Merck, MetLife\u2019s senior managing director &amp; global head of real estate, told <i>Commercial Property Executive<\/i>. \u201cSeattle\u2019s strong economy is a considerable factor in targeting the region for ground-up industrial development.\u00a0The city\u2019s employment growth exceeds the national average by nearly 50 percent, with all sectors exhibiting employment expansion.\u201d<\/p>\n<p>The Ports of Seattle and Tacoma have combined operations to create the nation\u2019s third largest container port, which is a major economic driver in the Seattle region.<\/p>\n<p>\u201cThe industrial market is very healthy, with demand outpacing supply, vacancies declining and rents increasing despite record construction activity,\u201d Merck said. \u201cWith tenants experiencing limited options of high quality, modern, large cube space, we expect industrial development returns to remain attractive into the foreseeable future.\u201d<\/p>\n<p>Des Moines Creek Business Park will comprise three buildings totaling 535,830 square feet on a 37-acre site in the southern suburb of Des Moines. MetLife and Panattoni have options to expand the site by an additional 1 million square feet.<\/p>\n<p>The Steele Building will offer 206,463 square feet of warehouse space on 8.6 acres in Sumner, Wash. Also in Sumner, the Tamarack Building will consist of a 159,250-square-foot industrial park on 7 acres.<\/p>\n<p>Construction is expected to be completed by mid-2015 for the two Sumner sites, and by the end of 2015 for Des Moines.<\/p>\n<p>It was just three months ago that the two companies announced they would team up to develop an initial portfolio of eight state-of-the-art industrial facilities in four states totaling nearly 6 million square feet on 356 acres. Already announced is the Lambert Farms Distribution Center near Atlanta, a 3-million-square-foot distribution space that may accommodate up to two 1.5 million-square-foot facilities.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>MetLife is partnering with Panattoni Development to build three new industrial distribution parks in the Seattle area for $63 million.<\/p>\n","protected":false},"author":451,"featured_media":1004105423,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21748,21742,15],"tags":[],"class_list":["post-1004105422","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-industrial","category-latest","category-west"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>MetLife, Panattoni JV to Develop 900 KSF of Industrial Parks in Seattle Area - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/metlife-panattoni-jv-to-develop-900-ksf-of-industrial-parks-in-seattle-area\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MetLife, Panattoni JV to Develop 900 KSF of Industrial Parks in Seattle Area\" \/>\n<meta property=\"og:description\" content=\"MetLife is partnering with Panattoni Development to build three new industrial distribution parks in the Seattle area for $63 million.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/metlife-panattoni-jv-to-develop-900-ksf-of-industrial-parks-in-seattle-area\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2014-10-10T14:22:14+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T10:20:09+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/10\/METLIFEE.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"487\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Keith Loria\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/metlife-panattoni-jv-to-develop-900-ksf-of-industrial-parks-in-seattle-area\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/metlife-panattoni-jv-to-develop-900-ksf-of-industrial-parks-in-seattle-area\\\/\"},\"author\":{\"name\":\"Keith Loria\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/aaa29b723dad85f2444ae3cb0c4d735f\"},\"headline\":\"MetLife, Panattoni JV to Develop 900 KSF of Industrial Parks in Seattle Area\",\"datePublished\":\"2014-10-10T14:22:14+00:00\",\"dateModified\":\"2022-12-09T10:20:09+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/metlife-panattoni-jv-to-develop-900-ksf-of-industrial-parks-in-seattle-area\\\/\"},\"wordCount\":387,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/metlife-panattoni-jv-to-develop-900-ksf-of-industrial-parks-in-seattle-area\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2014\\\/10\\\/METLIFEE.jpg\",\"articleSection\":[\"Development\",\"Industrial\",\"News\",\"West\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/metlife-panattoni-jv-to-develop-900-ksf-of-industrial-parks-in-seattle-area\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/metlife-panattoni-jv-to-develop-900-ksf-of-industrial-parks-in-seattle-area\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/metlife-panattoni-jv-to-develop-900-ksf-of-industrial-parks-in-seattle-area\\\/\",\"name\":\"MetLife, Panattoni JV to Develop 900 KSF of Industrial Parks in Seattle Area - 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