Church purchases 823,000-square-foot Pacific Gateway Industrial development for $260 million
- Alexander
- the Great
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Church purchases 823,000-square-foot Pacific Gateway Industrial development for $260 million
The Church of Jesus Christ of Latter-day Saints has purchased the 823,000-square-foot Pacific Gateway Industrial development in Kent, WA for $260 million. According to the developer and seller, Panattoni Development Company, the price tag represents the biggest single-asset deal on the West Coast this year.
https://www.connectcre.com/stories/kent ... cord-260m/
https://www.connectcre.com/stories/kent ... cord-260m/
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- captain of 1,000
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Re: Church purchases 823,000-square-foot Pacific Gateway Industrial development for $260 million
Any idea why they would pay so much for that property?
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- captain of 100
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Re: Church purchases 823,000-square-foot Pacific Gateway Industrial development for $260 million
That is a huge building they bought! What will they use that for? It looks like Boeing bought the last building in that complex for a whole lot less. Curious.
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- captain of 1,000
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Re: Church purchases 823,000-square-foot Pacific Gateway Industrial development for $260 million
Panattoni and Link Logistics purchased the 42-acre site from The Boeing Co. for $60 million in early 2020.
$200million increase in price in 2 years?! Is there a Fort Knox Annex on the property or something?
$200million increase in price in 2 years?! Is there a Fort Knox Annex on the property or something?
- JK4Woods
- captain of 1,000
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Re: Church purchases 823,000-square-foot Pacific Gateway Industrial development for $260 million
Good question. Works out to purchase price of $315/sqft.Christianlee wrote: βDecember 21st, 2022, 1:49 am Any idea why they would pay so much for that property?
Costs to build a standard 500,000 sqft tilt warehouse/distribution center today would cost about $110/sqft. Then youβd have to add the warehouse racking and inventory system, forklifts etc, often all this is paid for by the occupant/leasee.
So the land costs must make up the difference.
When you figure that money could have built ten temples at $25 million a pop⦠one wonders are we a church, or a business corporation..??
And Jesus told the rich manβ¦ go sell everything you have, give it to the poor, and come follow meβ¦
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- captain of 1,000
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Re: Church purchases 823,000-square-foot Pacific Gateway Industrial development for $260 million
The answer to that question is self-evident. It is a corporation with a church attached on the side.JK4Woods wrote: βDecember 21st, 2022, 8:03 amGood question. Works out to purchase price of $315/sqft.Christianlee wrote: βDecember 21st, 2022, 1:49 am Any idea why they would pay so much for that property?
Costs to build a standard 500,000 sqft tilt warehouse/distribution center today would cost about $110/sqft. Then youβd have to add the warehouse racking and inventory system, forklifts etc, often all this is paid for by the occupant/leasee.
So the land costs must make up the difference.
When you figure that money could have built ten temples at $25 million a pop⦠one wonders are we a church, or a business corporation..??
And Jesus told the rich manβ¦ go sell everything you have, give it to the poor, and come follow meβ¦
- David13
- Level 34 Illuminated
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Re: Church purchases 823,000-square-foot Pacific Gateway Industrial development for $260 million
This is to further "the work".
dc
dc
- InfoWarrior82
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Re: Church purchases 823,000-square-foot Pacific Gateway Industrial development for $260 million
A NorthWest Coast warehouse? Import/Export? Did they get some huge deal with the ChiComs?
- Cruiserdude
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Re: Church purchases 823,000-square-foot Pacific Gateway Industrial development for $260 million
Somebody made a KILLING on that deal....
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- captain of 1,000
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Re: Church purchases 823,000-square-foot Pacific Gateway Industrial development for $260 million
Cruiser sees.
It's not a question about relative real estate values, it is a question of who got paid.
It's not a question about relative real estate values, it is a question of who got paid.
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- captain of 1,000
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- Location: The land northward
Re: Church purchases 823,000-square-foot Pacific Gateway Industrial development for $260 million
So do we think this would be used to house the Lost 10 Tribes, or the City of Enoch?
- h_p
- captain of 1,000
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- Cruiserdude
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Re: Church purchases 823,000-square-foot Pacific Gateway Industrial development for $260 million
We think this to have been done so to line the pockets of an obviously very special and even more obviously 'righteous' individual....
- Cruiserdude
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Re: Church purchases 823,000-square-foot Pacific Gateway Industrial development for $260 million
What does the agency brokering the deal get in the commercial real estate world? 1.5%? 3% of purchase price?
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- captain of 100
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Re: Church purchases 823,000-square-foot Pacific Gateway Industrial development for $260 million
It is zoned 'manufacturing and industrial park'.
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- captain of 1,000
- Posts: 4368
- Location: The land northward
Re: Church purchases 823,000-square-foot Pacific Gateway Industrial development for $260 million
Such a negative phrase, surrounded by stereotypes.
It is much better to say something like
Diversified Asset Distribution.
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- Level 34 Illuminated
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Re: Church purchases 823,000-square-foot Pacific Gateway Industrial development for $260 million
How far will you go
Down the road thatβs paved with gold
That takes away your soul?
Down the road thatβs paved with gold
That takes away your soul?
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- captain of 1,000
- Posts: 2303
Re: Church purchases 823,000-square-foot Pacific Gateway Industrial development for $260 million
Follow the money. Who did they buy it from?
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- captain of 1,000
- Posts: 2303
Re: Church purchases 823,000-square-foot Pacific Gateway Industrial development for $260 million
It's always possible. In a city I once lived in they were building a new sports stadium. No one knew the location of the sports stadium but oddly enough a year prior to the announcement all the land around the sports stadium was bought up by an LLC. You couldn't break into the LLC to see who the partners were but oddly enough the name of the LLC were the initials of the top three government officials in the city....
When the announcement was made, the LLC sold all the land and made a killing.
During the pandemic a 70 was employed or was a former Pfizer VP. He pumped the vaccine . . .it wouldn't surprise me if he had some pull into getting the Church to endorse the vaccine.
Is there something dirty going on? Who knows . . .all I know is when large sums of money are involved the propensity for fraud, graft, laundering increases.
- FoxMammaWisdom
- The Heretic
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Re: Church purchases 823,000-square-foot Pacific Gateway Industrial development for $260 million
Someone should look in the basement. Or lower. Underground.Christianlee wrote: βDecember 21st, 2022, 1:49 am Any idea why they would pay so much for that property?
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- captain of 1,000
- Posts: 4368
- Location: The land northward
Re: Church purchases 823,000-square-foot Pacific Gateway Industrial development for $260 million
Sarcasm...
I'm pretty sure those secret oaths and plans the Gadiations had...were LLC Incorporation forms.
Not sarcasm...
From my experience LLCs are best described as tools for sinister men to look justified.
I'm pretty sure those secret oaths and plans the Gadiations had...were LLC Incorporation forms.
Not sarcasm...
From my experience LLCs are best described as tools for sinister men to look justified.
- TheDuke
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Re: Church purchases 823,000-square-foot Pacific Gateway Industrial development for $260 million
It is investment property, with new buildings on it that are fully leased for TBD years already. Looks like Blue Origin's rocket building site among others. I worked near there for Boeing for many years. I happens to be on a flood plain for the Green River.
It is just factory buildings in a country that doesn't build much any more outside of China.
It is just factory buildings in a country that doesn't build much any more outside of China.
- Gadianton Slayer
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- Cruiserdude
- Level 34 Illuminated
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- Location: SEKS
Re: Church purchases 823,000-square-foot Pacific Gateway Industrial development for $260 million
Sounds like you are working your way into one of those red cushiony comfy chairs they use for the important people at conference
- Gadianton Slayer
- Level 34 Illuminated
- Posts: 6552
- Location: A Sound Mind
Re: Church purchases 823,000-square-foot Pacific Gateway Industrial development for $260 million
Free travel and an army of obedient salesmen? Donβt mind if I doCruiserdude wrote: βDecember 21st, 2022, 12:07 pmSounds like you are working your way into one of those red cushiony comfy chairs they use for the important people at conference