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SEATTLE-Boeing Realty Corp., the airplane manufacturer’s real estate arm, last week sold 53 acres in the region to two different developers that plan to build on the land in the near term. About 13.3 acres of office land within the I-90 Business Park in Bellevue was sold to Schnitzer Northwest for $15.5 million ($26.75 per sf) and 40 acres of industrial land at Cascade Industrial Park in Auburn was sold to publicly held AMB Property Corp. for $12.6 million ($7.23 per sf).

The Bellevue site is east of 156 Ave. SE and south of the parcel Boeing sold to the City of Bellevue in 2003, which eventually will become a park. Schnitzer has drawn up preliminary plans for a three-building 500,000-sf office complex on its new site. The Bellevue-based subsidiary of Portland, OR-based Schnitzer Investment Corp. is tentatively planning to break ground in the summer.

“This development will add value to the surrounding properties and the I-90 business corridor,” says Boeing Realty development manager John Powers. In support of that and its own operations, Powers says it will renovate existing Boeing’s buildings in the park over the next five years.

Schnitzer Northwest investment director Mike Nelson says the site “represents the last significant parcel of vacant land located along the Bellevue portion of the I-90 corridor that can be developed into a substantial project capable of meeting the needs of larger office tenants.”

The Auburn site is located at 700 15th Ave. SW. The sale includes surplus buildings and vacant land that were part of the Boeing Commercial Airplanes manufacturing facility. AMB plans to replace existing Boeing buildings on the site with a distribution facility. Existing development at the park includes a new Safeway regional distribution facility.

AMB was represented by Wilma Warshak of Colliers International. Schnitzer was represented by John Black and Al Hodge of the Broderick Group. Boeing Realty was represented by Bill Pollard and Ann Chamberlin of Pacific Real Estate partners in the Schnitzer deal and, for the AMB deal, by Patricia Loveall and Al Robertson of GVA Kidder-Mathews.

Boeing has been shedding surplus acreage for several years now. The biggest came in late 2004, when it sold off a 46-acre chunk of its 280-acre Renton plant in late 2004 along with an option for another 22 acres. Last month, the buyer, a joint venture of Harvest Partners and Transwestern Investment, both of Dallas, announced plans for a $390-million urban village on the property.

The development, called the Landing, will include about 800,000 sf of retail, 900 residential units, a 140-room hotel and 57,000 sf of office space. The 1.4-million-sf first phase, which is slated for a fall 2007 delivery, will include all of the residential units, about 70% of the retail, the office space and the hotel.

Down in Long Beach, CA, the company is marketing 260 acres of master planned land at Douglas Park that is entitled for 3.3 million sf of office, R&D and light manufacturing space along with retail and one or two hotels. Smaller chunks of land, ranging in size from 21 acres to 65 acres are for sale in places like Portland, OR; Titusville, FL; Huntsville, AL; and Oak Ridge, TN.

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