July 24, 2024

Peak 410, with over 1M square feet, gains steam near Bonney Lake

Images via Kidder Mathews [enlarge]

Building 5 topped out in recent months; the roof is likely now in place.

Roughly midway between Bonney Lake and Buckley, along state Route 410, is the Peak 410 industrial development site, now mostly vacant.

At multiple addresses spanning about 64 acres, that's where builder and developer Peak Structures is planning nine buildings with over 1 million square feet. The city of Bonney Lake approved that initial plan, at a somewhat smaller scale, in late 2022. The public comment period for the recent upward revision has passed, and the city has issued a revised SEPA determination of non-significance. That DNS can be appealed until Aug. 8.

On the north side of the highway, at 22911 state Route 410, the tilt-up Building 5 is now largely complete. That was designed by related firm Peak Design, working with Synthesis. Completion of the 134,313-square-foot foot structure is expected in coming months.

Leasing materials from Kidder Mathews say that half the building has been leased. Kraig Heeter and Matt McLennan are the individual brokers — as they are for the entire development. Building 5 is also being offered for sale.

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A future roundabout is depicted at the new development.

One parcel to the west sold last year to local investors as the future site for Building 7. (Peak will be the builder and developer.) That would contribute to a total of seven industrial buildings north of the highway, with nearly 900,000 square feet, plus about 1,200 parking stalls. Clear heights range from 32 to 40 feet. Sizes run from about 60,000 to 230,000 square feet, and buildings are divisible.

The new wrinkle to Peak 410 lies on the south side of the highway. On about 4.7 acres, separately owned, a new retail building is being planned for Wilco Farm Store. Baysinger is the architect for that 38,000-square-foot project, which is also to have 150 surface parking stalls. Peak may plan to buy the land, or act as a fee developer.

That development would be at the corner of a new roundabout planned at 224th Avenue East, which is a little east of a Safeway and some self-storage and apartment properties along that stretch of 410.

Wilco is a farmer-owned co-op that's based in central Oregon. It now has local stores in Puyallup, Bremerton and Gig Harbor.

Updated plans with the city indicate a possible future 30,000-square-foot building to go west of the Wilco building. (That land is separately owned.) A small drive-through coffee shop is also indicated on the north side of 410, at the development's far east corner. Tentative phasing for the entire project would last through 2031.

Based in Bonney Lake, Peak is run by Chris and Rylie Leier, who also lead Teeter, a maker of exercise equipment. The Peak 410 team also includes Heath & Associates, traffic consultant; Terra Associates, geotechnical engineer; Shutler, structural engineer; Bradley Design Group, landscape architect; TenW, traffic engineer; Anchor QEA, wetland and environmental consultant; Barghausen Consulting Engineers, civil engineer and surveyor; and Sound Community Bank, the provider of a $14.5 million construction loan for Building 5.

The city values the entire Peak 410 project at around $200 million, and estimates it could create 800 permanent jobs. The city signed the initial development agreement with Peak in the fall of 2022, then the amended agreement this summer. Peak assembled the land from 2015 into 2022, in multiple transactions.

For the city's separate roundabout project (working with WSDOT), Barghausen also contributed to that planning. The city once called that area Eastown; mixed-use plans there known as Compass Pointe fizzled out a dozen years ago.