Tri State, based in Spokane, Wash., distributes major appliances, consumer electronics, stoves, fireplaces and outdoor living products. Company principal Gary Dickson tells GlobeSt.com that he and his brother formed an LLC to purchase parts of Lots 22 and 23 in the park and are now negotiating with Trammell Crow Co. for development of a 59,279-sf tilt-up building with 8,000 sf of showroom and office space.
TCC also represented Boeing Realty in the sale of the property. Jeff Forsberg of Puget Sound Properties represented Tri State.
Dickson says he expects the building to be completed by Aug. 1, 2003, at which time he will move the company out of leased space elsewhere in Kent. Dickson says he will be looking to sublease about 10,000 sf in the new building until it is needed for further expansion. Upon completion, the building will be valued at about $4.5 million.
"We wanted to be our own landlords again," Dickson tells GlobeSt.com. "We actually built a building on 6th Avenue and were in it for five years before we sold it and leased this larger facility that we've been in for 10 years."
Boeing Realty, the real estate investment arm of The Boeing Co., broke ground on Pacific Gateway Park in June of 2000. The park is located on 240 acres immediately west and north of the Boeing Kent Space Center.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.