Boston, MA 10/10/2014 (wallstreetpr) – According to reports, Panattoni And Metlife Inc (NYSE:MET) have decided to enter into a partnership deal for development of three new industrial parks in Seattle Area. They plan to spend $63 Million on the complete project. Panattoni Development Company is a private player and works on various national level projects. It is based in Newport Beach, Calif area and runs all the operations primarily from this location.
Both the companies will take care of all the end to end activities. As soon as these three green-field industrial sites gets ready, total 900,000 Sq. Ft. of warehouse space will be available in Seattle Area. As per the terms and conditions of this agreement, MET will hold majority shares of these new sites while Panattoni will be managing minority partner. If these three sites are compared with each other, then one can clearly see that the largest of projects are located in Des Moines Creek Business Park. These projects comprise of total 37-acre site with 535,830 square feet of space. Des Moines is located near Seattle-Tacoma International Airport and considered as one of the prime locations in this area. As per the terms of their agreements, both the companies can expand their targeted sites by one million.
Other two developments are located in Steele Building and Tamarack Building areas. In the first site, total 206,463 square feet of warehouse space are spread across 8.6 acres of land while a 159,250-square foot of the industrial park is to be built on a huge seven-acre land of the second site. Both of these sites are located in Sumner, Wash, which is a southern suburb of Seattle area. Through these three construction sites, Metlife Inc (NYSE:MET) and Panattoni will be able to create additional 600 jobs in the area. Construction work in Des Moines area will finish by the end of 2015 while Tamarack and Steel area, it is expected to get over by mid-2015.