CORFAC News

Seattle, WA (September 27, 2011) – The Andover Company/CORFAC International, a leading full-service commercial real estate provider serving the Seattle/Puget Sound market, announced today that it was awarded the listing to market a 47+ acre land parcel that is fully entitled for the development of 737 multi-family homes in Frederickson, WA.The property is offered for sale at $6,500,000 ($8,820/door), and is located five miles north of Joint Base Lewis-McChord (JBLM). A preliminary plan has been approved for 737 townhouses and apartments, with concurrency for water, sewer and traffic. The proposed 4-phase development would include 20 three-story apartment-style buildings and 33 townhouse buildings. The project – called Rosemont, was estimated to be $60 million when it was started about three years ago, including land cost, development fees and hard costs, construction and marketing.Connie Boyle, CCIM, Sean Durkin, and Mike Ewing are representing the seller. They are offering a 2.5% commission to procuring brokers. This property is owned by a group of local investors and is a short sale, but the owners are not in default. A local bank holds the note on the property and the bank is FDIC insured against any losses on their note.“This is a phenomenal site for a multi-family community to be built with strong existing demand for townhomes and apartment homes in the region, which features economic stability that is supported by a solid manufacturing/distribution base of companies, two major ports, a large military presence and the nearby Boeing plant,” said Connie Boyle, CCIM, The Andover Company/CORFAC International. She added that “Working with a motivated landlord and insured note holder allows us to pursue a large variety of sales scenarios and buyers.”Frederickson is in Pierce County approximately 32 miles south of the Seattle-Tacoma International Airport. The four-county metropolitan region of King, Pierce, Snohomish and Kitsap has a population of more than 3.5 million people and is the hub of commerce in the Puget Sound with its two major West Coast ports (Seattle and Tacoma). There are over 53,000 military family members in the area associated with the Joint Base Lewis-McChord. In addition, one of the largest non-governmental employers, Boeing Corp. is minutes away from the multi-family site. The Boeing facility in Frederickson assembles parts used in the development and build-out of Boeing’s aircraft, which are assembled a little further north in both Everett and Renton, WA, Seattle suburbs.

 About The Andover CompanyEstablished in 1978, The Andover Company, Inc. was formed to provide professional real estate brokerage services for businesses 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.Andover Company principals and agents work individually and collectively to best serve each client’s needs. A team approach enables us to out-perform the industry in market share and transaction volume. The firm’s most valued asset is its reputation. It is paramount that each Andover transaction be conducted with the highest ethical standards.About CORFAC InternationalCORFAC International (Corporate Facilities Advisors, Inc.) is one of the largest commercial real estate services organizations in the world and founded in 1989. U.S.-based CORFAC is comprised of privately held entrepreneurial firms with expertise in office, industrial, corporate services, retail real estate and property management. In association with FIABCI – the International Real Estate Federation, BDIin Mexico,five independent firms in Canada, Rios Commercialin Puerto Rico and Panama-based Latin American Corporate Property Services, CORFAC International has 80 offices in the Americas and a market reach to 65 countries worldwide. In recent years, CORFAC firms have averaged 10,000 completed transactions annually encompassing nearly 1 billion square feet and valued at more than $16 billion. For more information on CORFAC, contact 954-923-6160, info@corfac.com or visit www.corfac.com.