Panattoni JV Breaks Ground on Seattle Project

Panattoni JV Breaks Ground on Seattle Project

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Building E is a 782,875-square-foot industrial building in Frederickson, Wash., part of FRED310 industrial park.

Three of FRED310’s six buildings are already preleased, encompassing roughly 2.2 million square feet. Image courtesy of Cushman & Wakefield

A joint venture of Panattoni Development Co. and Crow Holdings Capital has broken ground on a 782,875-square-foot industrial facility in Frederickson, Wash., a Seattle suburb. The build-to-suit asset will be constructed for Harbor Freight Tools. Completion is expected in the second quarter of 2024.

Building E is part of FRED310, an industrial development planned to encompass around 4 million square feet across six buildings. Four of them are already underway, totaling 3.3 million square feet.

Another build-to-suit project at the industrial park includes the 1.1 million-square-foot Building C, which is constructed for Floor & Décor.

The developer acquired the 310-acre site in 2021 from The Boeing Co. for $200 million. Earlier this year, the joint venture secured a $252.3 million construction loan from Pacific Capital Coast Partners for the first phase of the project. The second phase will include two buildings—A and B—encompassing approximately 539,300 square feet. FRED310 is set to feature 36- to 40-foot clear heights and 130-foot trailer courts, along with ESFR sprinkler systems.

The development team includes general contractors Sierra Construction and Alston Construction, architecture firm NELSON and engineers AHBL, Kimley-Horn and Terra AssociatesCushman & Wakefield represented the owner in the lease transaction with Harbor Freight Tools.

The facility is taking shape at the intersection of Canyon Road E and 176th St. E, 9 miles from Interstate 5 and some 16 miles from Port of Tacoma. Downtown Seattle is 45 miles north, while Port of Seattle is 46 miles away. Seattle-Tacoma International Airport is 36 miles northeast.

Panattoni grows Washington inventory

Earlier this year, Panattoni partnered with PGIM Real Estate for the construction of a 243,000-square-foot industrial complex in Bothell, Wash. The three-building project is slated for completion in the summer of 2024.

In January, the firm announced a 243,000-square-foot speculative warehouse in Covington, Wash., expected to come online this year. Another project, in partnership with PCCP, involves the development of two infill industrial parks in Vancouver, Wash., set to encompass some 625,000 square feet.

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