MILLSTONE COFFEE/CASCADE COFFEE
Everett, WA
Property Sale
Transaction Size: 200,000 Sq. Ft.
Transaction Value: $9,860,000
The Situation
Millstone Coffee began in 1981 by Phil Johnson in the Everett, Washington area. Phil sold Millstone Coffee to Proctor & Gamble in 1998 and then formed Cascade Coffee to be the exclusive distributor of Millstone, Venetos, Torrevazinoe Italia, and Compass Creek coffees. Cascade Coffee needed help finding raw land and/or buildings in the area that could accommodate their future growth.
Our Solution
NAI Puget Sound Properties indentified a former Boeing facility owned by The Sabey Corporation that consisted of 200,000 square feet of which 50,000 square feet had been leased by AT&T Broadband/Comcast. Phil personally bought the building, leasing back 100,000 square feet of the facility to Cascade Coffee.
At that point there were still two more objectives to be completed: 1) lease the remaining 50,000 square feet at the new Cascade Coffee facility and 2) re-lease the three buildings they vacated at the former Millstone Coffee facility that Mr. Johnson still owned. NAI Puget Sound Properties' Northend leasing team was successful in achieving both goals within 12 months.