{"id":1004207190,"date":"2018-02-15T04:40:21","date_gmt":"2018-02-15T12:40:21","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004207190"},"modified":"2022-12-02T01:14:09","modified_gmt":"2022-12-02T09:14:09","slug":"pccp-panattoni-form-jv-for-seattle-warehouse-construction","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/pccp-panattoni-form-jv-for-seattle-warehouse-construction\/","title":{"rendered":"PCCP, Panattoni Form JV for Seattle Warehouse Construction"},"content":{"rendered":"<p><em>By Gail Kalinoski<\/em><\/p>\n<div id=\"attachment_1004207222\" style=\"width: 359px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/Dorian-Farhang.jpg\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004207222\" data-attachment-id=\"1004207222\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/pccp-panattoni-form-jv-for-seattle-warehouse-construction\/dorian-farhang\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/Dorian-Farhang.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;Jed Share&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;Jed Share Images&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;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Dorian Farhang\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Dorian Farhang&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/Dorian-Farhang.jpg?w=800\" class=\"wp-image-1004207222 \" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/Dorian-Farhang.jpg\" alt=\"Dorian Farhang\" width=\"349\" height=\"271\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/Dorian-Farhang.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/Dorian-Farhang.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/Dorian-Farhang.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 349px) 100vw, 349px\" \/><\/a><p id=\"caption-attachment-1004207222\" class=\"wp-caption-text\">Dorian Farhang<\/p><\/div>\n<p>PCCP LLC and Panattoni Development Co., are teaming up for their seventh speculative industrial development joint venture\u2014construction of a 201,509-square-foot industrial warehouse building in the Riverside Business Park in Everett, Wash.<\/p>\n<p>Glacier Peak will be built on a 10-acre site on Riverside Road, in the business park located near an Interstate 15 interchange and Boeing\u2019s primary assembly plant at Paine Field Airport. The building will be a 32-foot, clear height, single-loaded, concrete tilt-up structure featuring multiple access points, 130-foot truck courts and ESFR fire suppression systems.<\/p>\n<p><em>\u201cThis development presents another opportunity to partner with the best-in-class team at Panattoni,\u201d <\/em>Dorian Farhang, PCCP vice president, said in a prepared statement<em>. \u201cPanattoni is one of the most experienced developers in the Seattle industrial market and recognized a great opportunity to deliver Class A product to the healthy Everett area.\u201d<\/em><\/p>\n<p>The joint venture acquired the site from the Port of Everett. The purchase price and estimated cost of development were not released by the firms. Riverside Business Park was the site of a Weyerhaeuser lumber mill for more than 80 years until the Port of Everett bought the land in 1998 for redevelopment. The remainder of the Riverside Business Park includes a nearly complete warehouse build-to-suit for an aerospace-related company and a FedEx distribution facility.<\/p>\n<div id=\"attachment_1004207223\" style=\"width: 362px\" class=\"wp-caption alignleft\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/Glacier-Peak-Aerial-with-Labels.jpg\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004207223\" data-attachment-id=\"1004207223\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/pccp-panattoni-form-jv-for-seattle-warehouse-construction\/glacier-peak-aerial-with-labels\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/Glacier-Peak-Aerial-with-Labels.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" 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;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Glacier Peak Aerial\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Glacier Peak Aerial&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/Glacier-Peak-Aerial-with-Labels.jpg?w=800\" class=\"wp-image-1004207223 \" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/Glacier-Peak-Aerial-with-Labels.jpg\" alt=\"Glacier Peak Aerial\" width=\"352\" height=\"273\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/Glacier-Peak-Aerial-with-Labels.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/Glacier-Peak-Aerial-with-Labels.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/Glacier-Peak-Aerial-with-Labels.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 352px) 100vw, 352px\" \/><\/a><p id=\"caption-attachment-1004207223\" class=\"wp-caption-text\">Glacier Peak Aerial<\/p><\/div>\n<p>As the main point of entry in the Pacific Northwest from the Asia-Pacific Rim and a key distribution center for the region, the Puget Sound <em>\u201cindustrial market industrial market remains in great shape in the second half of 2017 and this is expected to continue into 2018,\u201d<\/em> notes Transwestern\u2019s Seattle Industrial Market Real Estate Outlook Third Quarter 2017 report.<\/p>\n<p>The report stated the average vacancy rate was 3.2 percent in the third quarter and net absorption was positive for the 30<sup>th<\/sup> consecutive quarter led by steady demand from the logistics sector and local manufacturers. Average rental rates were $8.04 per square foot, up 22 percent year over year.<\/p>\n<p><em>\u201cAverage rental rates continued to set new record highs as vacancy levels remained historically low. With the average rental rate market-wide increasing over 20 percent year over year, it is no surprise that industrial development activity is now at its highest level since 2006,\u201d<\/em> the report stated.<\/p>\n<h2><strong>Industrial Moves<\/strong><\/h2>\n<p>Last week, Panattoni, one of the largest privately held, full-service development companies in the world, began construction on a new 1 million-square-foot warehouse for Cooper Tire at Gateway Global Logistics Center, its 1,600-acre <a href=\"https:\/\/www.commercialsearch.com\/news\/panattoni-developing-1-msf-warehouse-in-memphis\/\">master-planned industrial park<\/a> in Marshall County, Miss. Panattoni is teaming with Mohr Capital on the build-to-suit facility in the suburban Memphis, Tenn., area.<\/p>\n<p>Panattoni isn\u2019t the only firm PCCP, a real estate finance and investment firm focused on CRE debt and equity investments, has partnered with recently on industrial assets. Last month, PCCP and Capital Partners, LLP, said they had acquired a seven-property, 1.2 million-square-foot industrial portfolio in the Minneapolis metro area.<\/p>\n<p><em>Images courtesy of\u00a0PCCP<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Glacier Peak will be built on a 10-acre site on Riverside Road, in a business park located near an Interstate 15 interchange and Boeing\u2019s primary assembly plant.<\/p>\n","protected":false},"author":1068,"featured_media":1004207222,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21808,21748,21742,1610,15],"tags":[39128,33837,33053],"class_list":["post-1004207190","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-featured","category-industrial","category-latest","category-seattle","category-west","tag-dorian-farhang","tag-panattoni-development-company","tag-pccp-llc"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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