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PCCP, Panattoni to Develop 202,000-SF Glacier Peak

JV Acquires 10-Acre Riverside Business Park Site from the Port of Everett
February 12, 2018
PCCP LLC, an investment management firm focused on commercial real estate debt and equity placements, has partnered with Panattoni Development Co. to develop Glacier Peak, a 201,509-square-foot warehouse on a 10-acre site at 600 Riverside Rd. in Everett, WA known as Riverside Business Park.

The joint venture acquired the site from the Port of Everett for $3.59 million, or about $359,000 per acre, according to CoStar data.

Located on a former Weyerhaeuser lumber mill site, the facility will feature a 32-foot clear height, 130-foot truck courts and ESFR fire suppression systems. The remainder of Riverside Business Park includes a built-to-suit warehouse for an aerospace company and a FedEx distribution facility.

The joint venture plans to break ground on the project this spring and is slated to deliver in the fourth quarter of 2019.
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