8g. Presentation
Sale of Two Surplus Parcels
Item No. 8g-supp Date of Meeting November 8, 2022 Echo 4 South : Sale of 2 Surplus Parcels To Insite Property Group November 8, 2022 Action Requested Request Commission authorization for the Executive Director to take all necessary steps and execute all documents for the sale of approximately two acres of real property located in the City of SeaTac to Insite Property Group, LLC. 2 The Parcels are located at the intersection of South 204th Street and 28th Ave South, west of Internation al 28 Boulevard. th S 204th St RW 34 R Ave S Airport RW 34 R N Subject Parcels Site History Timeline • 2007 Port purchased 12-acre mobile home park with noise funds from FAA. • 2019 Port sold 10 of 12 acres to WSDOT for expansion of SR 509 (SW portion of Port’s property). • 2020, 2021 Port issued temporary construction easement to Sound Transit on remainder (2 acres) and entered negotiations for sale of 4,195 sf and two easements to Sound Transit for light rail expansion. Remainder Property Description • Oddly shaped 2-acre property difficult to build and service due to two “takings” for public Rights of Way. • Steeply sloped down to the West. • No street frontage, access limited to spur road (28th Ave S) from S 204th St. Benefit of Surplussing the Remainder • City supports this outcome; likely buyer who owns adjacent property is seeking to build a self-storage facility. • Sale proceeds will be credited back to SEA’s noise program for continued noise mitigation efforts. • Current costs to mitigate noxious weeds, dumping, trespass, and encampments will be eliminated. • Avigation easement will be reserved on any sale. Breakdown of Negotiated Sales Price North Parcel South Parcel As is value = $1,480,000 = $1,310,000 Less Fee Acquisition to ($74,000) ($58,000) Sound Transit Less Guideway Easement to ($11,000) ($2000) Sound Transit Less Sewer Easement ($14,000) ($36,000) Less Damage to Remainder ($70,000) ($62,000) Adjusted Value = $1,311,000 = $1,152,000 Total Sale Value = $2,463,000 5 Appraised Values • As Is Value = $2,790,000 • Less Combined Sound Transit Fee & Easement Area Value of 4,195 SF = $327,000 • Negotiated Sales Price of 86,087 SF = $2,463,000 ¹ PoS Appraisal review letter July 6, 2022 D. Chudzik MAI, Kidder Mathews Insite Self Storage Founded in Torrance, California in 2019, Insite Property Group is a: • Vertically integrated self-storage developer, operator, and manager focused on leveraging technology to deliver best performing assets across institutional and emerging markets. • IPG has developed similar facilities all over the United States, including facilities in Tacoma, Seattle and Everett. • Insite is under contract to purchase the northern and adjacent lot and will be closing on that lot in January, 2023. 7 Echo 4 South Property Sale Recap Request Commission authorization for the Executive Director to take all necessary steps and execute all documents for the sale of approximately two acres of real property located in the City of SeaTac to Insite Property Group, LLC.
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