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Blackstone affiliate, Panattoni buy Boeing property to develop business park

The Blackstone Group Inc. affiliate Link Industrial Properties and Panattoni Development Co. Inc. purchased a property in Kent, Wash., from Boeing Co. for $60 million, the Puget Sound Business Journal reported, citing public records.

Link and Panattoni are planning a two-phase, six-building business park called Pacific Gateway Industrial Park that will total nearly 808,000 square feet.

None of the space has been pre-leased, and the business park will have ample office space, the report noted, citing Thad Mallory of Newmark Knight Frank, which is marketing the property for lease. The six buildings will range in size from approximately 29,900 square feet to 340,400 square feet, according to Mallory.

Construction of the first phase is expected to begin in the spring, while construction for the second phase is expected to begin at the end of the year, Mallory added.