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Opportunities abound: Airpark 137 development site in Moses Lake prime for investors

Engel & Völkers listing allows for tax advantages through federal Opportunity Zone program

By Engel & Voelkers Seattle • February 11, 2019 6:00 am
The Moses Lake property known as Airpark 137, a strategic air command base during the Cold War, offers potential investors a chance to boost economic development in an underserved area, while gaining significant capital gains tax savings.
The Moses Lake property known as Airpark 137, a strategic air command base during the Cold War, offers potential investors a chance to boost economic development in an underserved area, while gaining significant capital gains tax savings.

Real estate investment opportunities come in many different forms, but a unique development site in Moses Lake may just hold the solution to your search for the right commercial/industrial property in the State of Washington.

A new listing from Engel & Völkers offers your investment group a chance to gain valuable tax benefits through the federal Opportunity Zone program as well as boost local economic development.

Airpark – ReeseFilms from Engel Voelkers Seattle Eastside on Vimeo.

Airpark 137 brings exclusive assets

Located off the main runway of Port of Moses Lake’s Grant County International Airport, this one-time Cold War B-52 bomber alert station features 137 contiguous acres of level ground, well-suited and serviced for a wide range of industrial development.

With a 30-year agreement in place for access to the runway – the second-longest in the U.S. – plus 24/7 U.S. Customs service and the airport’s FAA designation as a Spaceport, the end-use options are limitless, notes Engel & Völkers broker Dan Gottesman.

“This is a perfect scenario for a group looking to invest in an Opportunity Zone property, with its federal tax designation,” he says. “It allows them to take advantage of that program and perhaps bring another company in to utilize the space.”

Such operations could range from a manufacturing or distribution hub to an aeronautics base – even a space exploration firm, Dan adds.

Here’s some other features of this keystone property:

  • The site has Foreign Trade Zone designation available, critical for use as an international distribution hub
  • It is zoned Heavy Industrial with an Aerospace Overlay, allowing for a variety of manufacturing uses
  • A Global Large Employer Environmental Impact Study has been completed and pre-approved
  • A fast permitting process in Moses Lake means the site is ready to build upon
  • The hydroelectric costs here are the lowest in the nation, plus industrial wastewater and high total dissolved solids treatment is available

Save on capital gains tax

Engel & Völkers broker Sam Chapin, who shares the Airpark 137 listing, calls the Opportunity Zone program “a double-win for investors.” The new rules, he explains, allow you to roll the proceeds of the sale of any assets ordinarily subject to capital gains tax – from Amazon stocks to a commercial property – into a development in an Opportunity Zone. After meeting the initial conditions of the Act and its holding period, the capital gains on the qualifying investments can be reduced to zero.

Adjacent properties also available

If your group is looking for an even larger-scale Opportunity Zone development option, another 600-plus acres of potential tech and commercial park land, in parcels from seven to 125 acres, is also available next to the Airpark.

For more information on this unique offering, contact Sam at 206-948-9153 or Sam.Chapin@evusa.com, or Dan at 206-898-2505 or Dan.Gottesman@evusa.com.

The Airpark 137 site is outlined in yellow. Adjacent lots ranging from seven to 125 acres in size are also potentially available for purchasers looking to expand on their Opportunity Zone development ideas next to the Grant County International Airport.

The Airpark 137 site is outlined in yellow. Adjacent lots ranging from seven to 125 acres in size are also potentially available for purchasers looking to expand on their Opportunity Zone development ideas next to the Grant County International Airport.

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