Port of Everett Commission Authorizes $11 Million Purchase and Sale Agreement to Acquire North Waterfront Property
Everett, Wash. – On October 8, the Port Commission unanimously authorized the Port CEO to execute an $11 million Purchase and Sale Agreement with Norton Industries, Inc., owned by the Schack family, to acquire nearly eight acres of adjacent waterfront property.
The deal includes five parcels at 7.91 acres and associated site improvements, including 122,500 square feet of light industrial buildings, located at the northeast corner of Waterfront Place near 10th Street and West Marine View Drive. A 367-foot portion of frontage on State Route 529 is also included.
Upon execution, current site leases will be assumed by the Port, including Walters and Wolfe, Harbor Marine and Dunlap, as well as a commercial sign lease with existing Port tenant Bayside Marine.
“Norton and the Schack Family are very pleased with the sale of this property to the Port of Everett,” said James Schack, owner of Norton Industries. “Over the years we have worked closely together with the Port on a number of improvement projects. We know that the Port will carry on the tradition and legacy of John and Idamae Schack, and we are confident that all of our tenants will continue to prosper under the Port’s ownership.”
Throughout the years, these parcels on the north waterfront have been home to a variety of light industrial users and marine businesses. The Port has conducted extensive environmental due diligence to better understand site risk related to legacy contamination and cleanup need. A $1.25 million credit back to the Port has been worked into the agreement as mitigation for future environmental liability.
The property aggregates with the more than 200 acres of Port holdings at its Waterfront Place neighborhood and will further support the maritime industries as part of the Port’s strategic mission.
Norton Industries, Inc. was started by John and Idamae Schack in 1983 with the purpose of revitalizing and creating jobs on the Everett waterfront. This was accomplished with construction of over 100,000 square feet of new buildings and continuous investment.
“Adding these key Norton Industries properties and quality tenants to our tenant portfolio is an exciting prospect for the Port,” said Terrie Battuello, Port of Everett Chief of Business and Economic Development. “With this transaction, the Schack family adds another priceless piece to their Everett legacy as it protects precious marine-dependent business for generations to come.”
The sale is expected to close in early December 2019.
For more information, please contact Catherine Soper, Public Affairs Manager at 425.388.0680 or email@example.com.