Seattle developer Schnitzer West sold yet another of its properties this past week, which prompted us to wonder:
When does the company plan to reverse course and start buying or building again?
Probably next summer, founder and managing member Dan Ivanoff says: Schnitzer isn't getting out of the development game — it's just reloading.
The firm sold its five-building Valley Avenue warehouse/office complex in Puyallup on Thursday to industrial real-estate firm International Airport Centers of Highland Park, Ill., for $41.6 million, according to public records.
The sale was the latest in a dizzying series of transactions over the past 18 months in which Schnitzer has unloaded most of what it built or bought since 2004, grossing more than $1.26 billion.