Thank you for sharing!

Your article was successfully shared with the contacts you provided.

MUKILTEO, WA-Growing hearth manufacturer Travis Industries has signed a 12-year, $19.2-million lease for Centre 41, a 476,000-sf industrial building at Harbour Pointe in Mukilteo that is owned by The Boeing Co.

For the last 24 years, Travis has operated out of five separate facilities totaling 250,000 sf in the Seattle-area cities of Totem Lake and Woodinville, WA. The relocation to a single facility with twice as much space will allow Travis to consolidate its manufacturing, research and development, marketing and administrative operations into a single location while also accommodating its expected growth from $70-million in sales to $150 million in sales over the next five years.

The company’s new headquarters is located at 4800 Harbour Pointe Boulevard in Mukilteo, WA. The 12-year lease includes two five-year extension options. Based on the numbers provided by the parties involved, the average lease rate over the life of the initial term is $3.50 per sf per year, which is as much as $1.00 per sf less than the asking rate for other large industrial buildings in the same area, including at least one other building at Harbour Pointe. “Even at the end of the lease term, we will still be paying less (per sf) than we are paying now,” a source at Travis tells GlobeSt.com.

The source adds that the lease agreement includes a significant tenant improvement allowance, but that Travis will still have to supplement it in order to add dock-high doors, office space and a formal entrance to the building. As soon as the dock-high doors are in, expected in August, the source says Travis will relocate its Woodinville operation to the facility. The rest will follow as the formal entrance and office space is completed.

Chris Langer and Paul Jerue of the Broderick Group represented Travis Industries in the transaction and Richard Peterson and Darrell Okada of Puget Sound Properties represented Boeing.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.