Published May 2005

Real Estate Briefs

Stevens Pavilion sold for $18 million
Unico Properties Inc. of Seattle has purchased the Stevens Pavilion medical office building for $18 million.

The real estate investment firm bought the 74,000-square-foot building at 7320 216th St. SW from the building’s developer, Teutsch Partners LLC of Seattle, and another partner. The building was built in 2003 for $13.2 million and sits just east of Stevens Hospital on land leased from the hospital district.

The nearly fully leased building’s tenants include the Stevens Sleep Center, Edmonds Center for Outpatient Surgery, Puget Sound Neurology and a number of other physicians’ offices and specialist practices.

Everett selects developer
for riverfront project
The Everett City Council has chosen San Diego-based developer OliverMcMillan as a partner on its riverfront development project. The unanimous vote came at the conclusion of a five-hour meeting April 13 at which the council heard from three nationally known developers.

The company will develop about 100 acres of land between I-5 and the Snohomish River. City leaders envision a “lifestyle center” on what was once home to the Simpson-Lee pulp and paper mill and a landfill. They hope for retail, restaurants, entertainment, recreation, housing and possibly a college.

OliverMcMillan, which has about 40 employees, has made about 10 trips to Everett since learning of the riverfront property’s availability.

The city and the developer are expected to work out a development agreement by the end of the year. If all goes well, there could be some drawings and concepts of the site by early 2006.

Home prices up 13 percent;
listings drop 22.6 percent
Snohomish County’s housing market continued strong in March, with sales and prices soaring, while the number of homes available continued to sink dramatically, according to the Northwest Multiple Listing Service.

There were 3,123 homes on the market in the county in March, a 22.6 percent drop from year-ago figures, the listing service said.

Fewer homes to choose from has fueled competition, with the result being that the average time a house spent on the market in March was 51 days, compared with 68 in March 2004.

The competition also has pushed home prices to a new record in the county. The median price for both condominiums and single-family homes in March was $257,575, a 13 percent increase from 12 months ago. For single-family homes alone, the median price was $270,000, also a record. Median means half the homes sold for less and half sold for more.

High prices and low selections have been around for months, but they haven’t stifled sales, which rose 19.4 percent in March, according to the listing service.

Snohomish eyes site of maintenance shop
for commercial development
In the city of Snohomish, Snohomish County likely will demolish an aging maintenance shop near the corner of Avenue D and 10th Street in 2008, county Project Manager Steve Dickson said.

When that happens, it will free up about 9 acres of land for commercial development, which will boost city tax revenues, said Snohomish City Manager Larry Bauman.

The county plans to consolidate maintenance shops in Snohomish and Paine Field at a new, $41 million Cathcart maintenance center southwest of Snohomish, Dickson said.

The county has earmarked about $190,000 for cleaning up chemical contamination in the soil at the Snohomish maintenance shop, and will likely demolish the facility and finish the cleanup in 2008.

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