Published April 2001

Industrial condos for sale

By John Wolcott
Herald Business Journal Editor

Industrial Park Condominiums @ Harbour Pointe, a new concept in Snohomish County commercial real estate, is ready for occupancy in Mukilteo.

Designed to address the shortage of facilities in the county for new or growing businesses, the facility offers ownership rather than leasing, a type of development that has been gaining popularity lately in California markets.

"There is a shortage of property and facilities for small, growing businesses in Snohomish County," said John Peehl, President of Mr. 99 & Associates in Lynnwood. "Building your own development, a typical 2,100-square-foot facility for a small business, will cost around $479,000, including the acreage, building the shell and making interior improvements."

If the right property can be found, it takes at least three years to complete design, permitting and construction work, he said, time that a business owner needs to spend on his business, not on building activities.

"These condominiums save all that hassle. ... They're ready for adding tenant improvements to the shells and moving in. Plus, we offer proximity to Paine Field, Boeing, Highway 99, I-5 and the developing business and industrial park area southwest of Everett."

The 30 industrial condos, available in two buildings adjacent to SR 525, sell from $239,400 for 2,100 square feet to $348,000 for 2,800 square feet of space.

The U.S. Small Business Administration often funds industrial condos for growing businesses, Peehl said, which means an owner can buy in for 10 percent down and have 20 to 25 years for repayment, while building equity.

The development offers quality concrete and steel facilities for small to medium-size businesses, plus 172 parking spaces; Verizon's SmartPark telecommunications and high-speed Internet services; and metering for individual gas, electricity, water, fire alarm and sprinkler services.

A tenants association maintains the building, parking lot and landscaping. Each unit has its own phone board, and an adjacent nature trail provides access to a county park. An onsite cafe will provide soup, sandwiches, coffee, espresso and other beverages.

Three tenants already have signed -- Perpetual Balance of Lynnwood, which balances driveshafts; US Seven Oceans, a firm with a niche market for spools of fishing line; and Northwest Sheetmetal, which bought three adjacent offices in the north building.

"We put the concept together three years ago when I was looking for space for my own business and couldn't find any," said Leroy Saunders, owner of Perpetual Balance and the new industrial condo park. "It's taken us that long to bring this project to the marketing phase."

Saunders' partners include local investors Greg Selvidge, Don Wood and Kevin Brown. SGA Corp. of Shoreline, headed by President James Abbott, was the general contractor on the Industrial Condos.

Mr. 99 & Associates' brokers on the project include Peehl, Bob Nylund, Ben Sinner and Keith McDonald. More information is available by calling 425-670-6799, sending e-mail to jpeehl@mr99.com or visiting the firm's Web site at www.mr99.com.

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