Boeing land deal was a whopper. Where does it stand with other Pierce County sales?
A recent land sale involving undeveloped Frederickson parcels owned by The Boeing Co. has resulted in the highest priced transaction so far this year in Pierce County.
According to a parcel and sales list received from the Pierce County Assessor-Treasurer’s Office in response to questions, the county’s top sales for the year don’t come close to approaching the Sept. 14 sale of the nearly 310 acres for $200 million.
The sale of industrial site Tacoma Supply Chain Center in Frederickson on July 15 for $114.4 million to Dalfen Industrial, was the next highest priced sale, according to the list.
That is followed by the individual sales of five commercial multifamily apartments, including:
▪ Surprise Lake Village, Milton, for $106 million, Sept. 8.
▪ Avana Hamptons, Puyallup, for $66.2 million, Aug. 11.
▪ Citizen & Oake Apartments, Lakewood, for $60 million, Sept. 1.
▪ The Outlook Apartments, Graham, for $55 million, March 9.
▪ Avana Chestnut Hills, Puyallup, for $45.2 million, Aug. 11.
The parcels that Boeing owned for more than 30 years are adjacent to two large Boeing industrial sites, Skin and Spar and the Composite Manufacturing Center.
As reported by The News Tribune previously when the acreage was first offered for sale in March, Skin and Spar produces large, primary aluminum structure components for Boeing Commercial Airplanes. The Composite Manufacturing Center fabricates and assembles composite components for the Boeing 777, Boeing 777X and the Boeing 787.
Boeing sold the undeveloped acreage to commercial real estate firm Panattoni Development Co. as part of a larger round of Boeing property sales in the area.
According to a preliminary applicant letter filed with the county, several large industrial buildings are planned along with internal private roads to serve the site.
Jessica Kowal, media representative for Boeing, told The News Tribune via email that regarding the sale, “There is no impact to the site’s operations.”
She referred to October 2020 statements made by then-CFO Greg Smith. Smith noted the pandemic’s severe impact on the commercial aviation industry as well as Boeing. At the time, Smith said, “We’re reviewing every piece of real estate, every building, every lease, every warehouse, every site to look at how we can be more efficient ... .”
Kowal said there are about 850 employees working at the Frederickson site.
The sale rivals one in Pierce County that took place in 2020: The Cubes in DuPont for $221 million.
Staff writer Josephine Peterson contributed to this report.
This story was originally published September 19, 2021 at 5:00 AM.
