SUMNER, WA-The developers who are transforming a 150-acre former turf farm here into Sumner Corporate Park are ceremoniously unveiling their future construction plans today. The park’s inaugural offering, the 492,000-sf Summit Building, was fully leased in February to Norvanco International, a locally based third party logistics firm.The majority owner of property is Washington Capital Management Inc., a Seattle-based investment advisor for Taft-Hartley pension trusts in the Western US. Other partners include Bellevue-based Knapp Development and St. Louis-based Michelson Commercial Realty & Development LLC, who held the purchase option for the land, and Prudential Real Estate Investors, who only recently joined the joint venture. Scott Carter and Leslie Boudwin of Bellevue-based Pacific Real Estate Partners Inc. have the leasing assignment.Minus roads, environmental set-asides and the Summit parcel, there are 114 acres of developable land remaining, according to Carter. In March, Carter told that the next phase would be one of two buildings, the 405,000-sf Rainier Building and the 383,000-sf Baker Building. Each has its own advantages. The Baker Building is slated for the entrance to the development, and Carter says it would be nice to have that well under way by the time the new SR 167-24th Street Interchange opens, bringing exponentially more traffic by the site. However, the design phase for that project is just now finishing up, and as of last month had not yet been submitted for permits. The Rainier Building, on the other hand, which is further into the park, has all but completed the permitting process, such that if a user came along in the near future and needed to have something up in six months, that would be the one to go up first, says Carter. As for future competition, Carter says both Opus Northwest and Panattoni have properties in the area that could hold a single large building, says Carter. “We can build multiple ones,” he says. “That’s where we think we have a real advantage.”The Summit Building is the largest speculative building ever developed in the Kent Valley, the heart of the Puget Sound industrial market. The original plan was to spec the building two years ago, Washington Capital originally acquired its majority stake in the parcel. By the time the deal closed and the site work was complete, however, the market had gone down dramatically, so construction was delayed. Last fall, Washington Capital decided to move forward with the speculative development, betting that with several large users back in the market and no other large modern spaces under construction a tenant could be locked down by the time construction was complete. After Norvanco obliged, signing a three-year lease at an estimated lease rate in the low $0.30s per sf per month, Washington Capital opted to invest in the rest of the land and start gearing up for the next phase of development.

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