rosemont multi-family development

rosemont Multi-family
development
N
4 0319253026
2 0319257024
5 0319257025
3
1
0319253025
0319257023
development • sale • opportunit y
frederickson | Washington
mike ewing
Phone: 206-357-5483
Cell: 206-595-2103
[email protected]
connie boyle, ccim
Phone: 206-357-5482
Cell: 206-948-2200
[email protected]
sean durkin
Phone: 206-336-5338
Cell: 425-830-2647
[email protected]
THE ANDOVER
COMPANY, INC.
CORPORATE REAL ESTATE
table of contents
I.
EXECUTIVE SUMMARY
3
II. PROPERTY DESCRIPTION
6
7
8
9
10
11
12
13
14
III. MARKET OVERVIEW
15
16
19
IV. AREA SUMMARY
23
24
25
26
27
27
28
31
33
35
Site Description
Property Parcel Map
Rosemont Plat Map
Rosemont Survey
Rosemont Site Plan Overview
Neighborhood Map
Aerial View
Zoning Information
Multi-family Market
Demographics
State Map
Regional Map
Map of Frederickson
Regional Overview
Pierce County
City of Frederickson
Economy
Puget Sound Region
Puget Sound Attractions
V. ABOUT ANDOVER
THE ANDOVER COMPANY, INC.
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38
Rosemont
table of contents executive summary
THE ANDOVER COMPANY, INC.
C O R P O R A T E
R E A L
E S T A T E
Rosemont
EXECUTIVE SUMMARY EXECUTIVE SUMMARY
The Andover Company Inc. is pleased to present for sale Rosemont, a 47+ acre multi-family development site
located in Frederickson, Washington. This site is located on 176th Street East, one mile west of Canyon Road
and minutes from the Boeing Frederickson plant. Rosemont is zoned and entitled for a multi-family residential
development of 737 townhouse dwelling units.
PROPERTY INFORMATION
A preliminary plan for the Rosemont site has been approved for 737 townhouses, with concurrency for water,
sewer and traffic. The proposed 4-phase development will include 20 three-story apartment style buildings and
33 townhouse buildings.
Currently the property is composed of five separate tax parcels equaling 47+ acres. The separate parcels allow
for various configurations and phases of development. Two separate accesses are available, which service
both portions of the property.
One of the most prominent features of the property is its access to the Joint Base Lewis-McChord (JBLM),
one of the largest military bases on the West Coast with over 53,000 military family members, 34,480 military
members and 16,107 civilians in 2010. Rosemont sits 5 miles north of the east gate of JBLM.
Rosemont is located in Frederickson, 18 miles south of downtown Tacoma. With the port of Seattle (to the
north) and Tacoma as two of the strongest ports on the west coast, along with Joint Base Lewis-McChord’s
neighboring location, Frederickson provides a unique opportunity for developers and investors to take advantage
of the stable employment options and more consistent property values. The four-county metropolitan region
of King, Pierce, Snohomish and Kitsap, has a population of more than 3.5 million people with 1.7 million jobs.
As the hub of commerce in the south Sound, Tacoma has witnessed a renaissance of growth with a flurry of
residential/condominium building, cultural projects and suburban office construction. The Port of Tacoma has
played a significant role in the south Sound’s transition from farm towns to manufacturing, as it is one of the top
rated import/export ports on the west coast and is an economic engine for the area.
Frederickson has also grown significantly in the past few years, mirroring in a way, the transformation of
Tacoma.
THE ANDOVER COMPANY, INC.
C O R P O R A T E
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Rosemont
executive summary TERMS
The property and entitlements are being offered for $6,500,000 cash ($8,820 per door). Offers should be
delivered to the The Andover Company, attention: Mike Ewing or Connie Boyle, CCIM. To facilitate the
analysis of offers, offerors are encouraged to provide information relative to funding sources, experience in
developing similar properties, familiarity with the market and any other information which is likely to favorably
reflect the offeror’s ability to close the proposed transaction.
Inquiries, property tour scheduling and offers are to be directed to Mike Ewing, Connie Boyle, CCIM, or Sean
Durkin at the address and phone numbers below.
mike ewing
Phone: 206-357-5483
Cell: 206-595-2103
[email protected]
connie boyle, ccim
Phone: 206-357-5482
Cell: 206-948-2200
[email protected]
sean durkin
Phone: 206-336-5338
Cell: 425-830-2647
[email protected]
the andover company, inc.
415 Baker Boulevard, Suite 200
Tukwila, Washington 98188
206-244-0770
www.andoverco.com
THE ANDOVER COMPANY, INC.
C O R P O R A T E
R E A L
E S T A T E
The information contained herein has been obtained from reliable sources, but is not guaranteed. A prospective buyer/
tenant should verify all information relating to this property.
Rosemont
executive summary property description
THE ANDOVER COMPANY, INC.
C O R P O R A T E
R E A L
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Rosemont
PROPERTY DESCRIPTION PROPERTY DESCRIPTION
SITE DESCRIPTION
Address:
4111 76th Street East, Frederickson, WA
Location:
1 mile west of Canyon Road
18 miles south of Tacoma
44 miles south of Seattle
32 miles northeast of Olympia
Description:
Assessment:
Size:
Zoning:
Proposed 737 unit multifamily development project includes 20
three-story apartment-style buildings, 33 townhouse buildings,
recreation facility, pool, sport court, open lawn areas for recreational
play, tot lot, and fitness trail.
Parcel 1 - 031925 7023:
Parcel 2 - 031925 7024:
Parcel 3 - 031925 3025
Parcel 4 - 031925 3026:
Parcel 5 - 031925 7025:
47+ Acres
2,057,565 SF
111,514 SF
730,937 SF
51,627 SF
514,879 SF
648,608 SF
Phase I & II: 19.37 Acres
Phase III:
11.82 Acres
Phase IV:
14.87 Acres
ROC - Residential/Office-Civic
MUD - Mixed Use District
THE ANDOVER COMPANY, INC.
C O R P O R A T E
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Rosemont
property description property description
PROPERTY PARCEL MAP
N
2 0319257024
4 0319253026
5 0319257025
3
1
0319257023
0319253025
THE ANDOVER COMPANY, INC.
C O R P O R A T E
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Rosemont
PROPERTY DESCRIPTION property description
ROSEMONT PLAT MAP
Phase I & II
Phase III
Phase IV
THE ANDOVER COMPANY, INC.
C O R P O R A T E
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Rosemont
property description property description
THE ANDOVER COMPANY, INC.
C O R P O R A T E
R E A L
E S T A T E
Rosemont
property description 10
property description
THE ANDOVER COMPANY, INC.
C O R P O R A T E
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Rosemont
property description 11
PROPERTY DESCRIPTION
NEIGHBORHOOD MAP
N
5
5
BOEING
JBLM
East
Gate
5
THE ANDOVER COMPANY, INC.
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Rosemont
Property Description 12
PROPERTY DESCRIPTION
AERIAL VIEW
Puyallup
5
Tacoma
Joint Base
Lewis-McChord
N
512
Parkland
7
5
167
Spanaway
ROSEMONT
MULTI-FAMILY
DEVELOPMENT
Frederickson
Boeing
Frederickson Plant
507
THE ANDOVER COMPANY, INC.
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Rosemont
PROPERTY DESCRIPTION 13
property description
ZONING MAP
THE ANDOVER COMPANY, INC.
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Rosemont
property description 14
market overview
THE ANDOVER COMPANY, INC.
C O R P O R A T E
R E A L
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Rosemont
market overview 15
multi-family overview
Local Multi-Family Market Overview - Information From Dupre+Scott
The regional apartment market peaked at a market vacancy rate of 7.2%
in fall 2009 and has now fallen to 4.6% as of the Spring 2011 survey. The
strong recovery in 2010 outpaced most people’s expectations despite
persistent high unemployment and limited employment growth. Rental
rates have recovered substantially, to near pre-recession levels, and both
use and quantity of concessions have decreased, resulting in increasing
overall effective rents. This recent improvement is mostly attributable to
a release of pent up demand as households that doubled up to cope with
the recession disjoined, along with a decrease in homeownership rates,
which has increased the number of renter households. In the near term,
employment growth will also begin driving demand. This, coupled with
limited new apartment inventory in the next two years, means that vacancy
will continue its downward trend.
•
•
•
Market Forecast
Current / Projection
1Q 2011
Vacancy
4.6%
Est. 2011
Construction
2,433 units
1Q 2011
Rental Rate
$1.16/sf
Est. 2011
Net Absorption
4,696 units
5-county vacancy peaked in fall of 2009 at 7.2% and was 4.6% in 2Q2011
Rental rates have recovered substantially, and concessions have decreased
• The recent market improvement is attributable to a release of pent up demand.
The latest economic forecasts show regional employment and household growth improving by about 1.1% in 2011,
and another 2.5% in 2012.
VACANCY TRENDS
Subregion
King - Seattle
King - Eastside
King - South
King County
Snohomish County
Pierce County
Thurston County
Kitsap County
Totals
•
•
Vacancy
1Q 2011
3.6%
4.2%
4.5%
4.3%
4.4%
5.6%
5.2%
5.1%
304,249,457
Vacancy
3Q 2010
3.6%
4.1%
5.5%
4.9%
5.7%
5.0%
3.3%
6.4%
22,589,383
% Change
0.00%
2.4%
-18.2%
-12.2%
-22.8%
12.0%
57.6%
-20.3%
23,821,389
Avg. Rent
1Q 2011
$1.75
$1.33
$1.07
$1.27
$1.00
$0.98
$0.98
$1.02
1,620,964
Avg. Rent
3Q 2010
$1.74
$1.30
$1.08
$1.27
$0.99
$0.97
$0.96
$1.00
137,028
% Change
0.6%
2.3%
-0.9%
0.8%
1.0%
1.0%
2.1%
2.0%
8,820
In the past 12 months, properties offering concessions has decreased from 60.2% to 30.9%.
• Regionally the average giveaway is $556 (about 2.3 weeks free rent).
Dupre+Scott forecasts regional vacancy to stay below 5% through 2014.
THE ANDOVER COMPANY, INC.
C O R P O R A T E
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Rosemont
market overview 16
MULTI-FAMILY OVERVIEW
•
Since 2003 to 2008, new construction has averaged 2,576 units/yr
• This increased to 6,481 units in 2009 and 4,148 units in 2010
• 2,433 units are expected for 2011
•
•
The region has a demand factor of one apartment for every 8.1 jobs.
See the chart above for estimated vacancy and absorption forecast based upon the latest employment, population
trends and projected future supply.
• The regional vacancy is forecast to gradually decrease to between 4.2% and 4.8% by the end of 2014
THE ANDOVER COMPANY, INC.
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Rosemont
market overview 17
multi-family overview
SALES COMPARABLES
Project
Shorewood Heights
Club Palisades
Equinox
Elliot Bay Plaza
Rianna
Courtyard Off Main
Aspens at Ridgeview
•
•
City
Mercer Island
Federal Way
Seattle
Seattle
Seattle
Bellevue
SeaTac
Sale Price
$110,250,000
$67,500,000
$65,500,000
$54,250,000
$33,515,250
$30,000,000
$28,575,000
# Units
845
750
204
233
156
30
168
Price/Unit
$170,930
$90,000
$321,078
$232,833
$214,841
$272,727
$170,089
Date Built
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Cap Rate
6.3%
5.8%
4.4%
6.3%
6.2%
4.8%
6.3%
Sales velocity peaked in 2005 with 268 sales ($2.65b)
In 2009, sales had reduced to 53 ($332mm)
• This represented a decrease in transaction volume from 2008 of 78%.
• 2010 ended with 64 sales ($765mm)
Conclusion
The regional apartment market has passed an inflection point in the real estate cycle and is showing significant
improvement in occupancy and a decrease in concessions. At this time, apartments are the only property type showing
financial feasibility for new construction and are leading the recovery in commercial real estate. In the near term, as
employment growth gains traction coupled with limited new apartment inventory in the next two years, the forecast is
for vacancy to continue its downward trend. The apartment market is also benefitting from changing rent versus own
psychology, which is contributing another layer of rental demand as consumers are reluctant to purchase homes in this
sluggish housing market. Given these assumptions, our forecast projects vacancy rates should remain below historic
averages through 2013 along with healthy rent growth and decreased use of concessions.
THE ANDOVER COMPANY, INC.
C O R P O R A T E
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Rosemont
market overview 18
market overview
DEMOGRAPHICS
Rosemont - Frederickson, WA
Site Type: Ring, 10 Mile Radius
2010
2015
Population
Population
Persons in Group
425,916
6,096
455,151
6,096
Households:
Households
Family Households
Average Household Size
155,452
110,438
2.70
166,503
117,888
2.70
Income
Median Household Income
Average Household Income
Median Family Income
Average Family Income
Per Capita Income
Median Disposable Income
Average Disposable Income
$57,574
$65,099
$66,917
$74,676
$24,006
$47,200
$55,076
$64,567
$74,539
$73,542
$83,287
$27,528
-
Source: Esri forecasts for 2010 and 2015
THE ANDOVER COMPANY, INC.
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Rosemont
market overview 19
market overview
TRAFFIC COUNT PROFILE
Traffic Count Profile
Prepared by Constance Boyle, CCIM
Rosemont
176th St E, Puyallup, WA 98375, Multi family
Ring: 10 miles radius
Distance:
Latitude: 47.096487
Longitude: -122.34381
Street:
Closest Cross-street:
Year of Count:
Count:
0.51
176th St E
Canyon Rd E (0.08 miles W)
2008
22,950
0.60
Canyon Rd E
Fredrickson Industrial Park Rd E (0.11 miles
S)
2007
11,050
0.70
176th St E
52nd Avenue Ct E (0.08 miles W)
2007
15,600
0.82
176th St E
78th Ave E (0.04 miles E)
2003
20,725
0.84
Canyon Rd E
Military Rd E (0.08 miles N)
2007
27,550
0.86
78th Ave E
176th St E (0.12 miles N)
2008
12,400
0.90
184th St E
Canyon Rd E (0.08 miles E)
2007
1,125
0.93
Military Rd E
Canyon Rd E (0.05 miles E)
2007
3,900
0.95
176th St E
79th Ave E (0.02 miles W)
2007
23,975
1.06
66th Ave E
160th St E (0.05 miles S)
2007
1,250
1.06
160th St E
69th Avenue Ct E (0.02 miles W)
2008
12,550
1.07
62nd Ave E
158th Stct E (0.03 miles N)
1999
350
1.10
Canyon Rd E
162nd Street Ct E (0.06 miles S)
2007
29,525
1.11
70th Ave E
160th St E (0.04 miles S)
2007
3,475
1.16
160th St E
Brookdale Rd E (0.05 miles W)
2008
13,000
1.17
160th St E
74th Ave E (0.02 miles E)
2008
13,925
1.21
Brookdale Rd E
53rd Ave E (0.02 miles W)
2008
9,750
1.24
192nd St E
Canyon Rd E (0.02 miles E)
2007
6,250
1.24
192nd St E
75th Ave Ct E (0.04 miles W)
2007
1,975
1.25
74th Ave E
160th St E (0.08 miles S)
2007
2,075
1.27
Canyon Rd E
162nd Street Ct E (0.26 miles S)
2006
37,650
1.30
160th St E
78th Ave E (0.05 miles E)
2008
11,500
1.31
50th Ave E
192nd St E (0.05 miles S)
2008
700
1.35
78th Ave E
160th St E (0.03 miles S)
2007
3,200
1.37
192nd St E
78th Avenue Ct E (0.03 miles W)
2007
3,375
1.47
180th St E
41st Ave E (0.01 miles W)
2007
900
1.58
Military Rd E
40th Ave E (0.03 miles W)
2007
3,700
1.58
176th St E
38th Ct E (0.02 miles W)
2008
13,825
1.60
152nd St E
56th Ave E (0.06 miles E)
2007
1,550
1.60
70th Ave E
71st Ave E (0.04 miles S)
2007
4,000
Data Note:The Traffic Profile displays up to 25 of the closest available traffic counts within the largest radius around your site. The years of
the counts in the database range from 2010 to 1963. Just over 66% of the counts were taken between 2001 and 2010 and 86% of the counts
were taken in 1997 or later. Traffic counts are identified by the street on which they were recorded, along with the distance and direction to
the closest cross-street. Distances displayed as 0.00 miles (due to rounding), are closest to the site. A traffic count is defined as the two-way
Average Daily Traffic (ADT) that passes that location.
Source: © 2010 MPSI (Market Planning Solutions Inc.) Systems Inc. d.b.a. DataMetrix®
©2010 Esri
7/14/2011
THE ANDOVER COMPANY, INC.
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Page 1 of 1
Rosemont
market overview 20
market overview
GRAPHIC PROFILE
Graphic Profile
Prepared by Constance Boyle, CCIM
Rosemont
176th St E, Puyallup, WA 98375, Multi family
Ring: 10 miles radius
Latitude: 47.096487
Longitude: -122.34381
Households
2010 Households by Income
180000
160000
140000
$100K-$150K (12.2%)
$75K-100K (17.6%)
$150K+ (3.3%)
120000
<$15K (8.7%)
100000
80000
166503
155452
$50K-75K (25.7%)
$15K-$25K (8.2%)
129910
60000
$25K-35K (8.0%)
40000
$35K-$50K (16.3%)
20000
0
2000
2010
2015
2010 Population by Age
2010 Owner Occupied HUs by Value
55-64 (10.6%)
45-54 (14.5%)
$300-399K (12.9%)
65+ (10.0%)
$400-499K (4.0%)
$500K+ (4.5%)
<5 (7.8%)
<$100K (10.8%)
$200-299K (35.4%)
35-44 (13.7%)
5-19 (21.5%)
$100-199K (32.3%)
25-34 (14.7%)
20-24 (7.3%)
2010 Employed 16+ by Occupation
Admin Support (14.6%)
Maintenance/Repair (4.3%)
Production (5.2%)
Transportation (7.8%)
Mgmt/Business. (11.2%)
Sales (10.9%)
Services (20.2%)
Professional (18.7%)
Percent
Construction (6.7%)
Farm/Fish (0.4%)
2010 Population by Race
75
70
65
60
55
50
45
40
35
30
25
20
15
10
5
0
73.7
White
6.6
Black
1.7
Am. Ind.
7.6
Asn./Pac.
3.9
Other
6.5
Two+
2010 Percent Hispanic Origin: 9.5%
Source: U.S. Bureau of the Census, 2000 Census of Population and Housing. Esri forecasts for 2010 and 2015.
©2010 Esri
7/14/2011
THE ANDOVER COMPANY, INC.
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Rosemont
market overview 21
market overview
HOUSEHOLD GROWTH CHART
household growth chart
prepared by constance boyle, ccim
rosemont
176th st e, puyallup, wa 98375, multi family
ring: 10 miles
latitude: 47.096487
longitude: -122.34381
10 miles radius
2000 - 2010 Households Annual Rate
2010 - 2015 Households Annual Rate
1.96%
1.38%
total households
Site 1
180000
155452
160000
140000
120000
100000
166503
129910
104584
80000
60000
40000
20000
0
1990
2000
2010
2015
source: u.s. bureau of the census, 2000 census of population and housing. esri converted 1990 census data into 2000 geography. esri forecasts for 2010 and 2015.
POPULATION GROWTH CHART
population growth chart
prepared by constance boyle, ccim
rosemont
176th st e, puyallup, wa 98375, multi family
ring: 10 miles
latitude: 47.096487
longitude: -122.34381
10 miles radius
2000 - 2010 Population Annual Rate
2010 - 2015 Population Annual Rate
1.87%
1.34%
total population
Site 1
500000
450000
400000
358682
350000
300000
455151
425916
292236
250000
200000
150000
100000
50000
0
1990
2000
2010
2015
source: u.s. bureau of the census, 2000 census of population and housing. esri converted 1990 census data into 2000 geography. esri forecasts for 2010 and 2015.
©2010 esri
7/14/2011
THE ANDOVER COMPANY, INC.
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Rosemont
market overview 22
area summary
THE ANDOVER COMPANY, INC.
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Rosemont
area summary 23
area summary
STATE MAP
THE ANDOVER COMPANY, INC.
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Rosemont
area summary 24
area summary
REGIONAL MAP
Bainbridge
Island
520
SEATTLE
Bremerton
Puget Sound
BELLEVUE
99
405
16
90
Renton
Tukwila
Seatac
Vashon
5
Maury
18
167
Kent
Covington
Gig Harbor
Auburn
Federal Way
Port of Tacoma
TACOMA
University Place
Sumner
Puyallup
Steilacoom
Lakewood
410
512
South Hill
5
Lacey
Frederickson
Spanaway
OLYMPIA
Tumwater
THE ANDOVER COMPANY, INC.
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Rosemont
area summary 25
area summary
MAP OF FREDERICKSON
N
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Rosemont
area summary 26
area summary
REGIONAL OVERVIEW
Nestled in the Northwestern most corner of the contiguous states, the Pacific Northwest has long been
recognized as a highly desirable place to live and work because of the quality of life offered to its residents.
A traditionally strong and stable economy, strategic location for shipping, import/export, distribution, military
bases, and the mining, timber and fishing industries, a beautiful environment and a wealth of cultural and
recreational opportunities distinguish the Puget Sound region of Washington. Puget Sound itself is a body of
water laying east of Admiralty Inlet, through which ocean waters reach inland some 50 miles from the Pacific
Coast to provide all-weather deep water ports at Seattle, Tacoma and Olympia. The central Puget Sound region
is composed of King, Snohomish, Pierce, and Kitsap Counties and is central to the economy of the state.
Anchored by strong companies (who also call Washington State home) such as Microsoft, Boeing, Starbucks,
Amazon.com, Alaska Airlines/Horizon, Costco, Eddie Bauer, Farmers Insurance, Paccar, Nordstrom’s and
Virginia Mason, the Puget Sound’s economic conditions for this area have historically been very good. Interest
rates remain relatively low and the overall belief that the Southend market will continue to be stable makes
investment in commercial properties more desirable. Vacancies are stabilized for multiple residences, and
there is demand for multiple unit and townhouse sites.
Population Data - Puget Sound
Population County
King
Kitsap
Pierce
Snohomish
Thurston
WA State
2004
2005
2006
2007
2008
2009
2010
1,788,300
1,808,300
1,835,300
1,861,300
1,884,200
1,909,300
1,933,400
239,500
240,400
243,400
244,800
246,800
247,600
248,300
774,000
755,900
773,500
790,500
805,400
813,600
814,600
644,800
655,800
671,800
686,300
696,600
704,300
711,100
218,500
224,100
231,100
238,000
245,300
249,800
252,400
6,167,800
6,256,400
6,375,600
6,488,000
6,587,600
6,668,200
6,733,250
Source: Washington State, Office of Financial Management
PIERCE COUNTY
The South Puget Sound, including Pierce County, is one of the West’s most ecologically diverse areas, home
to a dazzling array of natural wonders. Located on the southeast edge of the Sound, it is just 34 miles south of
Seattle, 20 miles south of Seattle-Tacoma International Airport, and 28 miles north of Washington State’s capitol
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of Olympia. It is the heart of the Puget Sound metropolitan area and its major city, Tacoma, rests on the shores
of Commencement Bay and the Puget Sound. With Mount Rainier in the distance, the region is a naturally
beautiful place to live and do business. From museums to mountains, the South Sound region has superb
visitor attractions and is a major destination for Americans and international visitors seeking vacations that
accent the outdoor experience. Nearby Mount Rainier, freshwater lakes and miles of Puget Sound waterways
provide year-round activities for outdoor enthusiasts.
JOINT BASE LEWIS-MCCHORD
Joint Base Lewis-McChord became operational on January 31, 2010. JBLM is one base with a common
boundary, an Army joint base commander, an Air Force deputy commander, and base services managed
and provided by the Army. JBLM is the largest military installation on the west coast of the United States with
more than 415,000 acres, including Yakima Training Center in central Washington. They support an on-base
population and neighboring communities of more than 100,000 people including military personnel, families,
civilian and contract employees, and retirees and their families.
JBLM has more than 34,000 soldiers and 16,000 civilian workers. The post supports over 120,000 military
retirees and more than 29,000 family members living both on and off post. Fort Lewis proper contains 86,000
acres (350 km²); the Yakima Training Center covers 324,000 acres (1,310 km²).
CITY OF FREDERICKSON
Over the past three decades, Frederickson, like many communities in Pierce County, has experienced
tremendous growth. This period of growth has transformed the area from a quiet, rural community to a suburban
community of many homes and businesses. Growth of industry and business within the area has also been
significant with the arrival of The Boeing Company, Toray Composites, and dozens of other small and mediumsized businesses. Randles Sand and Gravel has been operating since 1969 and continues to be a significant
gravel operation in Pierce County. In 1968, the Port of Tacoma purchased about 500 acres of land in the area
for industrial development purposes. The Port has maintained a strong presence in the community ever since
and has been directly involved in attracting many new businesses to the area including The Boeing Company,
Toray Composites, and Medallion Foods. The Boeing Company’s presence in the area began in 1990 with the
construction of its skin and spar facility located at the former Columbia Powder Plant site. This facility contains
more than one-million square feet of building and currently employs approximately 1,000 people. Currently
dozens of small, medium, and large industrial operations are located within Frederickson. Industrial growth
continues to the present day.
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FREDERICKSON ROAD IMPROVEMENT
The city of Frederickson is improving 2.3 miles of 176th Street East from approximately 1,000 feet east of
Canyon Road East to Gem Heights Drive East. These improvements are designed to improve safety and
relieve traffic congestion and include:
•
Expanding to four lanes and paved
shoulders with a median or U/leftturn lane at limited locations.
•Adding concrete curbs, gutters, and
sidewalks.
•Adding street lighting.
•Adding an enclosed storm drain
system as well as stormwater
treatment and storage facilities.
•
Adding new traffic signals at 70th
Avenue East and 74th Avenue East.
The city is also improving 1.41 miles of 176th Street East from Waller Road East to 51st Avenue East (CRP
5537). These improvements are designed to improve safety and relieve traffic congestion and include:
•
Expanding to four lanes and paved shoulders with a raised median or turn lanes.
•Adding concrete curbs, gutters, and sidewalks.
•Adding street lighting.
•
Adding new traffic signals at Waller Road East and 36th Avenue East.
•
Improving the traffic signal at 38th Avenue East.
•Adding an enclosed storm drain system as well as stormwater treatment and storage facilities.
The 176th Street East corridor improvements also include the following County Road Projects (CRPs):
•CRP 5471 - B Street East to 14th Avenue East
•CRP 5536 - 14th Avenue East to Waller Road East
•CRP 5762 - 1000 feet east of Canyon Road East to Gem Heights Drive East currently under
construction
FRIENDS OF STAN & JOAN CROSS PARK - FREDERICKSON
Pierce County acquired a 64 acre portion of the old “Mayflower Dairy” property from the Cross family to be used
for Park purposes. Located at 4418 Military Road, Clover Creek flows through this lovely site. Pierce County
has completed the Park Master Plan, including the Stan and Joan Cross Park; however, County funding to
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construct the Park is not available and is not
anticipated to be available for a few years due
to economic conditions. Friends of Stan and
Joan Cross Park formed a 501(c)3 non-profit
organization to organize fundraising for the
start-up construction of the Park.
Phase 1 will include a children’s play area, a
picnic area, lavatory facilities and parking.
Subsequent phases will include athletic fields,
additional play facilities, hiking and jogging
trails, and many other recreational amenities.
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ECONOMY
The state’s growing population has been largely driven by its booming economy. The state’s payroll and
employment figures began to improve in 2003 with a slight 0.8 percent increase. In 2006, payroll and
employment showed a substantially larger gain of 4.2%, increasing in 2007 to an even more impressive 6.4%.
As the market turned toward recession in 2008, the state’s job growth slowed. Because of the state’s diverse
economy, Washington has fared better than the national economy; the current unemployment rate as of June
2011 is 9.2%.
Pierce County’s economy is a blend of the traditional and the innovative. Industries like manufacturing and
forestry thrive alongside high-tech start-ups. This region continues to capitalize on its status as a gateway
to the Pacific Rim, and trade remains an important facet of the local economy. One of the region’s economic
cornerstones is the Port of Tacoma, the leading container port in the Pacific Northwest. Each year, the worldclass port handles more than 17 million tons of total cargo. A major gateway to Asia and Alaska, Tacoma is one
of the top 10 ports in North America.
The overall strong performance has created a favorable environment for workers as labor force growth is
out gaining the nation by a wide margin. The core drivers of area economy are still intact, which will keep the
expansion going in the near term. “The primary drags will be construction and financial activities, which have
failed to create any new jobs. Seattle MSA boasts high incomes, steadily improving migration trends, and a
well-educated labor force, which ensures that the metro division will outperform the nation over the forecast
horizon.”
Courtesy of Andrew Gledhill of Economy.com December 2006
The three industries with the greatest contribution to growth are professional and business services, construction,
and manufacturing. These jobs were created in the professional, scientific, technical, administrative and support
service sectors (specifically in employment services).
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Total Employment/Unemployment Rate
(Annual Averages)
Seattle-Tacoma-Bellevue MSA
Year
unemployment rate
2011 (June)
2010
2009
2008
2007
2006
2005
2004
2003
9.3%
10.0%
9.0%
4.8%
4.0%
4.4%
5.0%
5.7%
6.8%
Source: Bureau of Labor Statistics
Total Employment/Unemployment Rate
(Annual Averages)
Bremerton-Silverdale MSA
Year
unemployment rate
2011 (June)
2010
2009
2008
2007
2006
2005
2004
2003
8.1%
8.7%
7.1%
5.0%
4.3%
4.6%
5.1%
5.8%
6.7%
Source: Bureau of Labor Statistics
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Pacific Rim countries have had a significant impact on the Puget Sound region, which supports two world-class
ports in Seattle and Tacoma. Trans-Pacific trade with the U.S. surpassed Trans-Atlantic trade for the first time in
1985. As a result of increased total volume and shorter shipping times between Asia and the Northwest, Puget
Sound ports have drastically increased their share of total U.S. trade over the past decade.
PORT OF TACOMA
A major gateway to Asia and Alaska, the Port of Tacoma is a leading
North American seaport, handling more than $36 billion in annual
trade and nearly 2 million TEUs (Twenty-foot Equivalent container
Units) in 2007. The Port is also a major center for bulk, breakbulk
and project and heavy-lift cargos, as well as automobiles and
medium-duty trucks. Located on Commencement Bay - a natural,
deep-water harbor in Southern Puget Sound - the Port of Tacoma
is an independent municipal corporation that operates under state-enabling legislation. Created by Pierce
County citizens in 1918, the Port has 2,400 acres (972 hectares) that are used for shipping terminal activity and
warehouse, distributing, and manufacturing.
PORT OF SEATTLE
The Port of Seattle is divided into four operating divisions: Aviation, Capital Development, the Seaport and Real
Estate divisions. These divisions are overseen by the Port Commission. In regards to economic impact, the
Aviation and Seaport divisions are the most important.
The Aviation Division operates Seattle-Tacoma International Airport. Sea-Tac is the 17th busiest passenger
airport in the United States, serving 31 million passengers a year and moving more than 346,000 metric tons
of air cargo annually.
The Seaport operates the nation’s 7th busiest marine container cargo and bulk cargo port and handles related
terminal infrastructure maintenance. Cruise Services operates two passenger cruise terminals and other large
vessel moorage facilities. The Port of Seattle’s container terminals are less than three miles away from two
major interstate highways and two major railroad hubs, so cargo can be quickly transferred from ship to truck
to trains.
As of September 2010, the Port of Seattle had 1,076,026 TEUs (twenty-foot equivalent units) move through
the harbor.
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HIGH-TECH/BIOTECH INDUSTRIES
The Puget Sound takes great pride in its high-tech sector, which includes software and Internet-based companies
as well as advanced technology manufacturers. Companies are drawn to the area for many reasons. Young,
educated high-tech workers find the downtown areas to be attractive places to live, work and play. Proximity
to the University of Washington is another plus. The UW’s world-class research and educational opportunities
foster the growth of new companies, promote collaborative ventures, and help ensure the availability of a highly
skilled workforce. The cluster of prominent and dynamic high-tech and biotech firms already located here is
another major appeal for bringing new businesses to the area.
MANUFACTURING
Puget Sound’s manufacturing sector accounts for nearly 87 percent of the state’s total exports and almost
20 percent of the state’s living wage jobs. In addition, Washington State ranks fifth among states in exports
worldwide, making Puget Sound’s manufacturing extremely important to the nation’s balance of trade. The
areas south of Seattle, specifically along the Highway 167 corridor, have grown into a major hub for industrial
activity and development.
TOURISM AND CRUISE INDUSTRY
Tourism is Washington State’s fourth largest industry. The Puget Sound has long had a healthy tourist element
in its economy. The industry employs 124,000 with an annual payroll of $2 billion.
The Port of Seattle is ready to set sail for a very busy cruise season. Seattle provides convenience and value
to cruise passengers. New ships and two downtown cruise terminals make sailing out of Seattle an attractive
travel option for passengers looking for the convenience of cruising from a U.S. based port.
In 2010 the Port expects 222 cruise ship visits and an estimated 846,000 passengers.
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AREA ATTRACTIONS
•
Biking in Pierce County - Bicyclists have their pick of trails and can bike to major centers, tourist attractions,
and other key destinations within Pierce County.
•
Emerald Downs Race Track - A world class racetrack with a multitude of facility amenities and features.
•
Foss Waterway Seaport - The mission of the Foss Waterway Seaport is to celebrate Tacoma’s rich
maritime heritage — past, present, and future. The development partners of this project — the Foss
Waterway Seaport and the Foss Waterway Development Authority — are dedicated to creating a venue
that will continue to bring the downtown waterfront to life as a place for everyone. When fully completed, the
Seaport will be the most comprehensive maritime heritage and education center on the US west coast and
the only authentic facility in the Pacific Northwest to showcase the region’s maritime history in a location
where that history actually took place!
•
Mt. Rainier Scenic Railroad - Experience the Golden Age of Steam as you chug across 15 miles of
spectacular bridges and lush tall forests.
•
Northwest Trek - Northwest Trek Wildlife Park is a treasure for wildlife enthusiasts. The signature tram tour
through the 435-acre free-roaming area offers the opportunity to spot different species of animals as they
wander through forests, wetlands and meadows.
•
Mount Rainier National Park - Mount Rainier is an active
stratovolcano in Pierce County, Washington. It is the highest peak in
the Cascade Range and Cascade Volcanic Arc at 14,411 feet (4,392
m). The mountain and the surrounding area are protected within
Mount Rainier National Park. With 26 major glaciers, Mount Rainier
is the most heavily glaciated peak in the lower 48 states with 35
square miles of permanent snowfields and glaciers.
Mount Rainier was originally known as Talol, or Tahoma, from the
Lushootseed word (“mother of waters”) spoken by the Puyallup. It has a topographic prominence of
13,210, greater than that of K2. It is a prominent feature of the southern landscape in most of the Seattle
metropolitan area. On clear days, it can also be seen from as far away as Portland, Oregon, and Victoria,
British Columbia. Because of its scenic dominance, Seattle-Tacoma-area residents sometimes refer to it
simply as “the Mountain.”
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•
Port of Tacoma - A major gateway to Asia and Alaska, the Port of Tacoma is a leading North American
seaport, handling nearly $28 billion in trade and 1.5 million TEUs (20-foot equivalent units) in 2010. Located
on Commencement Bay – a natural, deep-water harbor in Southern Puget Sound – the Port of Tacoma
is an independent municipal corporation that operates under state-enabling legislation. Created by Pierce
County citizens in 1918, the Port has 2,400 acres (972 hectares) that are used for shipping terminal activity
and warehouse, distributing, and manufacturing.
•
Point Defiance Zoo & Aquarium - This Zoo is large enough to offer
an awesome array of animals yet small enough to let you get really
close to them. It’s fun, affordable and offers breathtaking views of
Puget Sound, Mount Rainier and the Olympic Mountains.
•
Camp 6 Logging Museum - Our mission is to preserve and
present to the public a portion of Washington State’s history from
the 1880’s through the 1940’s as it pertains to the “Steam Era of
Logging.” Visitors will see first hand what life in the logging camps
and woods of Western Washington was like.
•
Puyallup Fair - In 1900, the Puyallup Valley community joined together in an effort to create a “Valley Fair.”
The Fair provided a place to exhibit animals of all kinds, and it also became an area to show the crops
which flourished in the valley’s rich land. Then as well as now, people came from near and far to visit the
Fair. The founders began the Fair yet it was the fairgoers who made it the success it has become. There
are two fairs: the Puyallup Fair every September and the Puyallup Spring Fair every April. We also host a
variety of events throughout the year.
•
Olympic Peninsula - The Olympic Peninsula is a diverse blend of climates
and natural wonders. Jutting out of the northwest corner of Washington State, it
comprises some of the richest and most undeveloped forestland in the region. At
its center lies the Olympic National Park and the Olympic National Forest. The two
make up 2,132,324 square miles of public lands, most of which are open to camping
and hiking.
Dotting the peninsula’s four coastlines are the small towns and cities that serve as
commercial centers for this region. Port Townsend and Port Angeles, at the north and
northeast ends of the peninsula, provide ferry service to British Columbia, Canada.
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A wide variety of accommodations abound in this area, including bed and breakfast inns, camping, hostels
and elegantly appointed Victorian hotels. On the peninsula’s west coast lie the Native Indian communities
of Neah Bay and La Push. The area is rich with cultural history. The Olympic Peninsula’s 10 Native tribes
are estimated to have lived in the region for more than 3,000 years. Cultural festivals, Native artwork and
historical museums are a few of the interests and attractions of this area.
•
Kitsap Peninsula - The Kitsap Peninsula lies in the heart of the Puget Sound, surrounded by over 300 miles
of saltwater shoreline and located between the Olympic and Cascade Mountain Ranges. The combination
of Native American, Scandinavian, military and pioneer attractions, all within a one-hour radius, makes
Kitsap an easy-to-tour destination rich in history and diversity.
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about andover
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about the andover company, inc.
THE ANDOVER COMPANY INC. PROFILE
Established in 1978, The Andover Company, Inc. was formed to provide professional real estate brokerage services
for clients that require more versatility and support than can be offered by a sole practitioner, and more personalized
service than is normally available from a national firm. The Andover Company, Inc. has 14 brokers with over 175 years
of combined experience that specialize in leasing and selling industrial, office and investment properties in the South
King and North Pierce County markets.
ORGANIZATIONAL STRUCTURE THAT BENEFITS THE CLIENT
The Andover Company is part of CORFAC International. CORFAC International is one of the largest commercial real
estate services organizations in the world and celebrates its 21st year in 2010. U.S.-based CORFAC is comprised of
privately held entrepreneurial firms serving more than 150 markets in The Americas and internationally through alliances
with UK-based King Sturge, BDI in Mexico, Rios Commercial Corp. in Puerto Rico and Panama-based Latin American
Corporate Property Services. In recent years, CORFAC firms completed over 9,000 commercial real estate transactions
annually, encompassing more than 300 million square feet and valued each year in excess of $30 billion.
STRATEGIC LOCATION
The Andover Company is strategically located at the north end of the Kent Valley. This allows Andover representatives
to be within minutes of all major industrial and office properties in the area. Andover’s philosophy is that in order to be
successful in the market, you have to be a part of it. Being physically located within the market allows Andover agents
to track sale and lease trends as well as other market dynamics.
EXPERIENCE AND EDUCATION
Our established local presence and experienced team combined with CORFAC’s global network provides an unparalleled
depth of talent and resources available for our clients.
The Andover Company has been representing owners, users and investors in the King and Pierce County areas for the
past 32 years. The Andover Company is locally owned and currently managed by six partners who combine for over 90
years of experience in commercial real estate. The Andover Company’s success is attributed to the company’s excellent
relationships with the community, local and institutional owners, users, investors, developers and brokers in the area and
their reputation for getting results.
Our professionals possess thorough knowledge of the marketplace and the ability to interpret data and trends and
provide informed forecasts. That is why users, owners, investors, institutions, and even other real estate professionals
around the globe rely on our experienced members.
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