Cantera recently purchased the former Time Oil Company Petroleum Terminal in Seattle, Washington. The site consists of 10.5 acres located on Salmon Bay, just east of the Ballard Locks on the Lake Washington Ship Canal. The property has 500 feet of frontage on the canal; a 212-foot approach ramp to 364 lineal feet of industrial dock; 670 feet of additional moorage on smaller piers; and a BNSF rail line to the south.
This property offers one of the only available large industrial waterfront sites in Puget Sound, with Fisherman’s Terminal nearby and dozens of other national and international fishing and related companies in close proximity. This property remains one of the last few available industrial locations in the area — Seattle’s industrial waterfront being one of the most sought after markets in the country, with vacancy rates in the 1-2% range.
The property has significant legacy soil, groundwater and sediment impacts. The primary contaminants of concern include petroleum hydrocarbons, chlorinated solvents and heavy metals. The site investigation work performed at the site was extensive and included hundreds of soil borings, numerous groundwater monitoring wells and sediment core sampling. A Corrective Action Plan has been designed and approved by the Washington State Department of Ecology (DOE), and cleanup actions are expected to be completed in early 2021. The scope of remedial work includes In-Situ Soil Solidification/Stabilization, Soil Excavation and Disposal, In-Situ Chemical Injection and construction of an Interceptor Trench and Permeable Reactive Barrier (PRB).
The administrative mechanism that will be entered into by Cantera with the DOE is called a Prospective Purchaser Consent Decree (PPCD). The site is slated for redevelopment as an industrial flex/office campus and wet/dry marina facilities.
To view the Offering Memorandum for this property, visit the link here.