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KENT, WA-The Boeing Co.’s real estate division has sold 119.84 acres adjacent Boeing’s Kent Space Center for $32.8 million.

The land is in Boeing’s Pacific Gateway Business Park, which extends from South 196th Street to the north and South 212th Street between the West Valley Highway and the Green River. Boeing describes the property as one of the largest fully entitled and master-planned tracts of commercial land in the Puget Sound region.

The buyer is Segale Business Park. Local brokers tell GlobeSt.com that Mario Segale owns several hundred acres on either side of the river and is master planning a mixed-use development for the property. John Gilliland and Bill Palmer with CB Richard Ellis represented Boeing Realty in the transaction and Ed Hogan, also with CB Richard Ellis, represented Segale Business Park.

One of the featured amenities of Pacific Gateway Business Park is a nine-acre recreational zone along the river that includes walking and biking trails easily accessed by the occupants of the Business Park. Boeing says the Segale transaction essentially completes the sale of all of Phase 1 of the business park, which totals 200 acres. Previous purchasers of lots in Phase 1 include Walker Family Trust, Tri State Distributors, Sprint and Johnson Holdings LLC.

Boeing recently developed two speculative buildings in the park totaling 93,000 sf that are not part of the transaction. Boeing retains control of Phase II, located at the southeast corner of West Valley Highway and South 212th Street, which totals 29 net acres. CB Richard Ellis is marketing the two remaining buildings and land in Phase II for sale or lease.

Boeing Realty Corp., a wholly owned subsidiary of The Boeing Company, directs all real estate strategies, acquisitions and dispositions, development and leasing worldwide for The Boeing Co.

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