PASCO VACANT LAND DEVELOPMENT OPPORTUNITY
Centralized, Highly Trafficked Vacant Land in the growing Tri-Cities, Pasco, Washington
TABLE OF CONTENTS
DISCLAIMER
The information provided in the following document is proprietary and confidential. It is intended to be reviewed only by the party receiving it from John L. Scott (JLS) and should not be made available to any other person or party without the consent of JLS. This memorandum is delivered under the terms and conditions of a Confidentiality Agreement, which has been executed by the recipient as reviewer.
This document has been arranged to provide a summary of unverified information to prospective buyers and to establish only a preliminary level of interest in the subject property. JLS makes no guarantee or representations; regarding the
information, including, but not limited to, warranties of content, accuracy, and reliability. All interested parties should go through the necessary measures to gather information pertinent to the subject property to verify the accuracy of the information. The information has been prepared by sources we deem to be reliable. However, JLS has not verified and will not certify the information contained herein. Prospective buyers should take appropriate steps to verify all of the sets in this document. JLS unequivocally excludes all terms, conditions, and warranties arising out of this document and excludes all liability for loss and damages arising therefrom.
EXECUTIVE
EXECUTIVE HIGHLIGHTS
SHAPING THE FUTURE OF PASCO: PRIME LAND ON RD. 68 READY FOR DEVELOPMENT!
• An exceptional opportunity to acquire multiple parcels of prime undeveloped land in Pasco, Washington.
TOP TEN FASTEST GROWING CITIES IN THE NATION OVER THE PAST DECADE
• 34% Metro population growth over the past decade
• 72% Population Growth in the next 20 years
• $40MM Neighboring Infrastructure Investment
• Income Tax Free State
• This offering includes a total of 10 parcels.
• Zoning: Parcels vary from single family, high density residential, R-T and C-1 commercial
• Located within 3 miles of the Geographical center of the Tri-Cities Metropolitan Statistical Area (MSA)
This offering represents a unique investment opportunity in a thriving region. The combination of regional expansion factors and sustained growth of the area surround the subject properties. The properties provide versatile options for buyers, whether they are looking to expand their business, embark on development projects, or diversify their investment portfolio.
SHAPING THE FUTURE OF PASCO: PRIME LAND ON RD. 68 READY FOR DEVELOPMENT!
Prime Location in one of the Fastest Growing Areas in the Nation.
REGIONAL OVERVIEW
THE CITY OF PASCO, WASHINGTON
National and Global Companies Have Identified the Area as an Ideal Location For Continued Growth and Stability.
UP T0 50,000 VPD
West Pasco and especially Rd. 68 has become one of the most highly trafficked areas in the city with up to 50,000 VPD - City of Pasco Geoanalytics
RAPID GROWTH
Pasco has experienced rapid growth over the past decade and continues to expand.
The City of Pasco anticipates 72% growth over the next two decades - City of Pasco
THE CITY OF PASCO, WASHINGTON
SIGNIFICANT INDUSTRIAL INVESTMENT IN THE PORT OF PASCO
• 300 Acre Reimann Industrial Center runs adjacent to the BNSF Railway in east Pasco has been designated for agriculture, food processing and business development.
• Darigold $650 MM Project underway to employ 1,200. A rail-served dairy processing facility on 150 acres of the Reimann Industrial Center. The facility will become the largest dairy processing operation in North America.
• Amazon Distribution Centers - Two, 1 million sq ft facilities in the Port of Pasco situated on 230 acres, 10 Million+ sq ft.
• Syngenta- $15MM expansion project- Global agtech company Syngenta has opened a 22,000-square-foot vegetable seed processing plant.
• Reser’s Fine Foods – $120MM facility of 1.6 MM sq ft manufacturing facility for refrigerated foods for retail and food service.
• Tarragon Industrial Park – Seattle company to build warehouses on 2.1 MM sq ft in the Port of Pasco.
• Expansion of the Tri Cities Regional Airport- PSC | Sits on 86 acres as the largest airport in southeastern Washington and northeastern Oregon with connections to 11 national hubs.
• Local Bounti $40 MM vertically integrated hydroponic greenhouse company, growing, packaging and propagation building 1.2 MM total sq ft.
• Jobs Created: 4,300+
TRI-CITIES COMMERCIAL EXPANSION
• Atlas Agro – The Swiss company has announced a $1.58 Billion project to launch production in 2027. The Atlas Agro Pacific Green Fertilizer (PGF) facility will revolutionize the fertilizer industry, becoming the world’s first at-scale, low carbon fertilizer production facility. (Atlas Agro)
• Costco – the area’s 2nd to be built in West Richland – 6 miles from subject properties.
RESIDENTIAL DEVELOPMENT
• The neighboring Broadmoor Development- 671 acre development site on 1,600 acre Broadmoor Area Master Plan located just 3 Miles from subject properties.
• $40 Million of Infrastructure Improvements to include a new freeway interchange with traffic lights and expanded roadways.
• Residential Development : Over 4,400 Total Lots/Units to be built in West Pasco that are currently built out, permits approved, issued, or in final build out stages.
• Pasco’s third high school 2 story, situated on 300,000 sq ft is being built between Rd. 68 and Rd. 100 for 2,000+ students.
STRATEGIC LOCATION
TRI-CITIES, WASHINGTON OVERVIEW
DRIVEN RESIDENTS
in the southeastern region of Washington State, the Columbia Valley encompasses the dynamic and rapidly growing Tri-Cities area, which includes Kennewick, Pasco, Richland, West Richland, Finley, Burbank and Benton City.
The region is characterized by its robust economic growth, exceptional quality of life, and scenic landscapes offering a compelling proposition for potential investors, business owners and residents.
The Tri-Cities is uniquely positioned as a hub for agriculture, logistics, the Department of Energy, Department of Defense, cutting edge research & technology, medical and healthcare services, higher education, wine production, food processing, tourism, and recreation.
Tri-Citian’s are accustomed and willing to travel to amenities and services across the three cities. This unique aspect of the area allows investors to consider the Tri-Cities as a whole rather than limiting the demographic view to a few mile radius of subject properties.
Residents will make the drive. Most destinations can be reached within a 20 minute drive using I-82, I-182, US 395 and 240 highways that connect the area.
ECONOMIC GROWTH AND OPPORTUNITIES
The Tri-Cities area is a hub of economic activity, driven by a diverse mix of industries like agriculture, viticulture, technology, energy and food processing. The region’s strategic location along the Columbia River facilitates robust trade and transportation networks, enhancing its appeal to businesses and investors. The area is home to the Hanford Site, an important, historic key player in the energy sector, and the Pacific Northwest National Laboratory, which is world renowned for its cutting-edge research and innovation.
ECONOMIC STRENGTH
Energy, R&D, technology, manufacturing, agriculture, food processing, retail, higher education and healthcare are primary industries of the area. Major employers include Battelle/Pacific Northwest National Laboratory, Kadlec Regional Medical Center, Bechtel National, CH2M Hill, ConAgra/LambWeston, Amazon, Tyson Fresh Meats, Washington River Protection Solutions (WRPS), First Fruits Farms, and Energy Northwest.
WORLD CLASS WORK FORCE
The Tri-Cities attracts highly educated and skilled professionals globally. The area has a highly educated workforce: 82.8% of the population has a high school, college, or graduate education. There are more scientists and engineers per capita residing here than anywhere else in the nation.
The metro is composed of Benton and Franklin counties. Favorable demographics include median household incomes above the U.S. average and expected population growth of more than 31,400 people over the next five years aid the demand for commercial real estate in the region.
ICONS BY FLATICON
ECONOMIC GROWTH AND OPPORTUNITIES
AGRICULTURAL AND VITICULTURE EXCELLENCE
The area is home to a large agricultural sector.
The Columbia Valley is renowned for its fertile soil and outstanding climate; making it one of the premier agricultural regions in the United States.
The area produces a significant portion of the nation's apples, cherries, potatoes, hops and other high-value crops. Additionally, it is celebrated for its wine production. The area is world renowned for wine production adding to tourism of the area. Over 200 wineries within a 50 mile radius produce world-class wines.
The confluence of these factors creates a thriving agri-business environment that attracts significant investment.
QUALITY OF LIFE
The Tri-Cities offers an exceptional quality of life, characterized by a blend of urban amenities and natural beauty. Residents enjoy access to affordable lifestyle, top-tier education and healthcare facilities, a variety of recreational opportunities in over 300 days of sunshine annually allowing residents the many outdoor lifestyle activities such as hiking, boating, and fishing.
ICONS BY FLATICON
ECONOMIC GROWTH AND OPPORTUNITIES
INFRASTRUCTURE AND ACCESSIBILITY
The infrastructure in the Tri-Cities is well-developed with transportation networks that include the Tri-Cities Regional Airport, barge slip and miles of industrial railyard. Pasco BNSF Railroad is the 150-acre site located west of State Highway 395 which is the first BNSF Certified Site in Washington State.
BNSF’s Site Certification Program evaluates sites to ensure they are ready for development. The certification process includes an in-depth review of environmental, geotechnical, and utility standards, as well as existing and projected infrastructure.
The area’s roadways and public transportation systems are ever evolving to support the growing population and economy. The region’s emphasis on sustainable development leads the nation.
CLEAN ENERGY
The Tri-Cities generates solar, hydro, wind, and nuclear power generation and innovation. Thousands of people work in energy-related fields. The region is leading the nation in cutting-edge initiatives for net-zero emissions energy sources. 40% of Washington’s power originates within a 100-mile radius of Tri-Cities area. The hydroelectricity from the Columbia River System and Lower Snake River dams allow the utilities serving Tri-Cities to be more than 90% carbon-free (Visit Tri-Cities).
NEXT GEN NUCLEAR TECHNOLOGY
Amazon and Energy Northwest, a public power agency leading in the development of next-generation nuclear technologies, has partnered to advance small modular reactor (SMR) technology in Washington state. This initiative aims to address the growing demand for reliable, carbon-free energy in the Pacific Northwest. Amazon will fund the initial feasibility phase of the SMR project, planned for a site near Energy Northwest’s Columbia Generating Station in Richland, Washington
ICONS BY FLATICON
ECONOMIC GROWTH AND OPPORTUNITIES
INVESTMENT TRENDS AND POTENTIAL
Investing in the Tri-Cities offers substantial potential. The area is known for consistent, stable and insulated economy. The ongoing development projects, favorable business climate, and strong community support, create a conducive environment for both commercial and residential real estate investments. The region's strategic initiatives fuel innovation and sustainability to further enhance its attractiveness to forward-thinking investors.
Recent investment trends show a strong influx of capital into the Tri-Cities' commercial real estate market. Transaction volumes have increased by 18% year-over-year, (City of Pasco) with notable investments in industrial parks, office complexes, and mixed-use developments. The region's favorable business climate, coupled with competitive lease rates and high occupancy levels, make it an attractive destination for real estate investors.
The Columbia Valley continues to develop a thriving economic landscape, world class agricultural production, inviting quality of life, and robust infrastructure, presenting a unique opportunity for potential buyers. On a national level, The Tri-Cities area stands out as an ideal location for investment.
ICONS BY FLATICON
LOCATION HIGHLIGHTS
LOCATION HIGHLIGHTS
• Development Potential: Undeveloped parcels provide ample opportunities for future development projects in a rapidly growing area.
• Development in Progress: Major expansion of Rd. 100 less than 3 miles west
• Infrastructure and Access: Easy access to major transportation routes enhances the potential for commercial and residential development.
• Economic Growth: Pasco is known for its continuous economic growth as one of the fastest growing in the nation and vibrant community, making it a strategic location for investment.
• Strategic Location with Visibility and Access
The properties are located on and near Rd. 68—one of the main arterials of Pasco with easy access for employees, residents and customers. Rd. 68 has immediate access to Interstate 182. Rd 68 to Rd 100 exits exceed 58,000 to 72,000 VPD. The daily traffic count on Road 68 exceeds 25,000 VPD and reaches 50,000+. This arterial road is central to West Pasco. Rd. 68 facilitates traffic flow within the city and northern Franklin County, particularly due to the development along Road 68. West of Rd. 68 is another highly trafficked roadway. Rd. 100 located off of I-182, just 3 miles from Rd. 68, the geographical center if the Tri-Cities.
• Sandifur Parkway: A minor arterial roadway runs east-west to the north and south of the subject properties. Sandifur connects Rd. 68 to Rd. 100, 8, 000 VPD.
• INCOME TAX FREE STATE Washington State is an income tax free state.
PARCEL INFORMATION AND MAPS
PRICING: Available Upon Request. GIS MAP – WATER, SEWER AND UTILITIES MAP CAN BE FOUND HERE
PROPERTY SUMMARY 06
PROPERTY SUMMARY 08
POPULATION
HOUSEHOLD INCOME
280,000
TRAFFIC
OPPORTUNITIES
MARKET OPPORTUNITIES & INSIGHTS
• Real Estate Development: Utilize the undeveloped parcels for residential, commercial, or mixed-use developments.
• Investment Potential: Diverse land use across parcels offers flexibility and potential.
• Commercial Investors
• Business Owners Looking to Expand into the Pasco Market
• Local Builders and Contractors
• National and Regional Investors with Interest in One of Washington’s Fastest-Growing Areas
MARKET INSIGHTS
• Pasco Real Estate Trends: The real estate market in Pasco has shown consistent growth, with increasing demand for housing, services, entertainment and dining.
• Regional Development Plans: Local government initiatives support infrastructure improvements and economic development, enhancing the attractiveness of these parcels.
MARKET OPPORTUNITIES & INSIGHTS
CURRENT MARKET OVERVIEW
The commercial real estate market in the Tri-Cities area has demonstrated remarkable resilience and growth. As of 2024, the vacancy rate for commercial properties are low reflecting strong demand across various sectors. The region remains insulated from some of the national trends and times of economic downturn. The consistent influx of federal dollars poured into the Hanford cleanup and Pacific Northwest National Laboratory in Richland generate stability for the area and foreseeable future with federal contracts through 2050.
OFFICE
The office space market in the Tri-Cities is experiencing steady growth. The vacancy rate for office properties is approximately 4.8%. The average lease rate for office space is $23-24 per square foot. New developments commanding higher rates due to modern amenities and prime locations.
High barrier-to-entry market with strong rent growth and low vacancy rate.
The Tri-Cities MSA has a 5.6% office vacancy rate (less than a third of the national average of 18.1%, according to an August report by CommercialEdge).
RETAIL
The retail sector in the Tri-Cities has also seen positive trends, with a vacancy rate of 4.1%. The region's growing population and tourism industry have increased demand for retail spaces, particularly in high-traffic areas and new mixed-use developments.
INDUSTRIAL AND WAREHOUSE
Industrial and warehouse space is under supplied with growing demand, reflecting the area's role as a logistics hub. The low vacancy rate and increasing lease rates indicate a strong market with significant opportunities for investors.
Vacancy rates hover around 3.0% compared to Eastern Washington’s regional vacancy rate of 8.5% driven by the area's strategic location and thriving logistics industry.
CONTACT ME
MORGAN SULLIVAN COMMERCIAL REAL ESTATE BROKER | REALTOR®
509.492.1658
MORGANSULLIVAN@JOHNLSCOTT.COM
I am a proud third-generation Pasco native, with deep roots in the local community. I have a family history in agriculture and commercial development in the area. As a dedicated John L. Scott commercial real estate broker, I place my clients’ best interests at the core of my business and each transaction.
I am commited to personalized service for my client’s real estate goals. Acting as your trusted advisor and confidant, I offer expert guidance with strategic execution, seamless transaction management, and comprehensive oversight. I take pride in making the buying and selling process as smooth and stress-free as possible, ensuring every detail is handled with precision and care.
OVERVIEW AND DISTINCTIONS
THE JOHN L. SCOTT STORY
The vision of John L. Scott Real Estate started 90 years ago when a young Scottish immigrant named John L. Scott set out on a long journey to San Diego, California with his bride and infant son. The trip included a stop in the burgeoning city of Seattle, Washington where John L. later recalled, “It was like reaching City Beautiful in Pilgrim’s Progress.” Seattle, not San Diego, would become the Scott family’s new home.
Once the family was settled, John L. began working as a sales associate for a local real estate company. In 1931, he established John L. Scott Real Estate, which has become one of the largest and most successful regional real estate companies in the nation. It now operates over 100 offices with over 3,000 agents throughout Washington, Oregon, Idaho, and now California.
John L. Scott Real Estate is currently led by Chairman and CEO, J. Lennox Scott, John L.’s Grandson, who started working with the company as a sign painter when he was just ten years old. Thirteen years later, Lennox assumed leadership of the company
“John L. Scott Strives to provide real estate experiences, whatever our client’s real estate goals may be. John L. Scott prides themselves in being the most innovated in new technology.”
John L. Scott Real Estate was founded in 1931 in downtown Seattle and is currently led by third generation chairman and CEO J. Lennox Scott
The Company is currently ranked one of the most productive real estate brokerages in the nation according to RIS media and has been Inducted into Council of Real Estate Brokers Managers Hall of Leaders. John L. Scott Real Estate has also recieved the Inman Innovator Award for “Most Innovative Real Estate Company in the Nation”.
Today, John L. Scott Real Estate continues to uphold the values and principles established by Lennox’s grandfather more than eight decades ago, maintaining the highest standard of professional service in residential home sales.
“At
John L. Scott Real Estate, our business is transactional excellence but our higher purpose is Living Life as a Contribution®.”
J. LENNOX SCOTT, CHAIRMAN AND CEO
VISION AND FOUNDATION
JOHN L. SCOTT IN THE COLUMBIA BASIN REGION
The Columbia Basin Region of John L. Scott was founded on the belief that the communities within Benton, Franklin, and Walla Walla Counties in Washington, as well as Umatilla County in Oregon, are intricately connected by family ties, thriving industries, abundant recreational opportunities, and robust employment prospects. This region, located in Southeastern Washington and Northeastern Oregon, has always been a place where people come together to live, work, and play.
BEGINNINGS IN WALLA WALLA AND PASCO
In 2006, Kenneth Butler independently opened the John L. Scott office in Walla Walla, WA. Four years later, in 2010, Dennis Gisi established the John L. Scott office in Pasco, WA. Both offices operated independently, serving their respective communities with dedication and commitment.
UNITING A SHARED VISION
In 2012, Butler and Gisi met and discovered that they shared a common vision for the real estate industry in the region. They observed that the industry was fragmented, with numerous large and small real estate offices and franchises, often owned by different entities, servicing the same geographic areas. Their discussions led to the idea of creating a more unified and efficient real estate service.
FORMATION AND EXPANSION
By 2013, Butler and Gisi had decided to merge their companies, creating a stronger and more cohesive presence in the region. This merger marked the beginning of significant growth and expansion. In quick succession, they opened an office in Milton-Freewater, OR.
The expansion continued with the addition of Eagle Crest Property Management in Walla Walla, WA, in January 2015, and Universal Realty in Hermiston, OR, in October 2018. Eagle Crest Property Management further expanded into Oregon in February 2019. The growth didn’t stop there; they opened a John L. Scott Real Estate office in Kennewick, WA, in October 2019 and established a presence in Pullman, WA, in September 2020.
PRESENT DAY
Today, the Columbia Basin Region of John L. Scott operates in Benton, Franklin, Walla Walla, and Whitman Counties in Washington, as well as Umatilla and Morrow Counties in Oregon. The company boasts a team of 45 experienced agents, fully supported by a two-person in-house marketing team and a two-person in-house transaction processing team.
COMPREHENSIVE REAL ESTATE SERVICES
• The agents at John L. Scott Columbia Basin Region specialize in a wide range of real estate sectors, including:
• Single Family Residential Home Sales
• Multi-Family Sales and Leasing
• Commercial (Office, Retail) Sales and Leasing
• Industrial and Light Manufacturing Sales and Leasing
• Agriculture Sales and Leasing
• Construction and Development Sales, Leasing, and Consulting
• Real Estate Consulting
• Property Management
With these diverse services, John L. Scott Columbia Basin Region is truly a full-service real estate company, ready to meet any real estate need.