CBRE Arranges $19.5 Million Sale of Stanwood Food Processing Plant in Stanwood, Washington

CBRE arranged the sale of the Stanwood food processing plant in Stanwood, Washington. No Meat Factory, a Canadian manufacturer of plant-based meat alternative products, purchased the 196,000-sq.-ft. property for $19.5 million.

Steven Brunette, Noah Roehl, Andrew Stark, Andrew Hitchcock and Harry Ghag of CBRE represented both the seller, Twin City Foods, and the buyer.

“We’re pleased to work with both the buyer and seller to present an attractive opportunity in a challenging market. Together, we were able to position the plant for long-term success and help Twin City Foods maintain their office headquarters in Stanwood where they have been since the 1940s,” said Brunette, senior vice president, CBRE.

Located at 10120 269th Place NW in Stanwood, the facility will serve as No Meat Factory’s first U.S.-based food processing operations. The property was built in 1997 with freezer storage, dock-high and grade-level access, as well as office, lab and kitchen areas.

“Twin City Foods kept the food processing plant well-maintained and highly functional for over 25 years. Its proximity to Everett and major highways aligned well with No Meat Factory’s needs and will help them meet the growing demand for their products in the U.S.,” added Roehl, senior advisor, CBRE.

The Puget Sound industrial market recorded a 4% vacancy rate in the fourth quarter of last year, according to CBRE research. Scarcity of available land around the ports of Tacoma and Seattle has pushed developments to the north and south ends of the region. The Northend has over 1.6 million sq. ft. under construction and more than 9 million sq. ft. in the planning stage as more tenants move further north.