Church purchases 823,000-square-foot Pacific Gateway Industrial development for $260 million

[Alexander]

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/

[Christianlee]

Any idea why they would pay so much for that property?

[mtmom]

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.

[Sunain]

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?

[JK4Woods]

Any idea why they would pay so much for that property?

Good question. Works out to purchase price of $315/sqft.

Costs to build a standard 500,000 sqft tilt warehouse/distribution center today would cost about $110/sqft. Then you’d 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 man… go sell everything you have, give it to the poor, and come follow me…

[Christianlee]

Any idea why they would pay so much for that property?

Good question. Works out to purchase price of $315/sqft.

Costs to build a standard 500,000 sqft tilt warehouse/distribution center today would cost about $110/sqft. Then you’d 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 man… go sell everything you have, give it to the poor, and come follow me…

The answer to that question is self-evident. It is a corporation with a church attached on the side.

[David13]

This is to further "the work".
dc

[InfoWarrior82]

A NorthWest Coast warehouse? Import/Export? Did they get some huge deal with the ChiComs?

[Cruiserdude]

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?

Somebody made a KILLING on that deal....

[tribrac]

Cruiser sees.

It's not a question about relative real estate values, it is a question of who got paid.

[tribrac]

So do we think this would be used to house the Lost 10 Tribes, or the City of Enoch?

[h_p]

Money laundering?

[Cruiserdude]

So do we think this would be used to house the Lost 10 Tribes, or the City of Enoch?

We think this to have been done so to line the pockets of an obviously very special and even more obviously 'righteous' individual....

[Cruiserdude]

What does the agency brokering the deal get in the commercial real estate world? 1.5%? 3% of purchase price?

[silverado]

So do we think this would be used to house the Lost 10 Tribes, or the City of Enoch?

It is zoned 'manufacturing and industrial park'.

[tribrac]

Money laundering?

Such a negative phrase, surrounded by stereotypes.

It is much better to say something like

Diversified Asset Distribution.

[Lizzy60]

How far will you go
Down the road that’s paved with gold
That takes away your soul?

[spiritMan]

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?

Somebody made a KILLING on that deal....

Follow the money. Who did they buy it from?

[spiritMan]

Money laundering?

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]

Any idea why they would pay so much for that property?

Someone should look in the basement. Or lower. Underground.

[tribrac]

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.

[TheDuke]

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.

[Gadianton Slayer]

From my experience LLCs are best described as tools for sinister men to look justified.

I have one

[Cruiserdude]

From my experience LLCs are best described as tools for sinister men to look justified.

I have one

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]

From my experience LLCs are best described as tools for sinister men to look justified.

I have one

Sounds like you are working your way into one of those red cushiony comfy chairs they use for the important people at conference

Free travel and an army of obedient salesmen? Don’t mind if I do