The Story
The inaugural offering of Sumner Corporate Park, the largest speculative building ever built in the Kent Valley, was leased to a locally based third party logistics firm, Norvanco International, Inc.
Scott Carter and Leslie Boudwin of Pacific Real Estate Partners, Inc., represented the developers, a joint venture between Bellevue-based Knapp Development and St. Louis-based Michelson Commercial Realty & Development LLC. The majority owner of the 22 acre Summit property is Washington Capital Management, Inc., a Seattle-based investment advisor for Taft-Hartley pension trusts in the Western US.
Originally a 150 acre turf farm in north Sumner, Washington, The Summit is the first building to be delivered in the 150 acre Sumner Corporate Park, where 3 million square feet of industrial space is planned. Gambling in a down market, the developers bet that Scott Carter and Leslie Boudwin would be able to lease the building by the time construction was complete. Utilizing their extensive resources and substantial tenant database, Carter and Boudwin were able to secure a tenant prior to completion of the building.
Recent leases include the 186,130 square foot lease at the Baker Building to Moulding & Millwork and the 401,076 square foot lease to Solo Cup at the Rainier Building.
The 503,534 square foot Snoqualmie Building is currently under construction and slated to be completed in December 2006. The newest building scheduled for construction is the Adams Building for 230,000 square feet. The estimated construction start date is mid 2006.
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