BELSHAW BROTHERS - AGA FOOD SERVICES
Auburn, WA
Major Relocation and Expansion
Transaction Size: 119,458 Sq. Ft.
The Situation
Belshaw Brothers started in Seattle in 1923 and has grown to be the largest manufacturer of bakery equipment in the world. In 2002, Belshaw joined the AGA Food Service Group based in the United Kingdom.
In 2006, Belshaw hired NAI Puget Sound Properties as their exclusive representatives to spearhead the effort to relocate their corporate headquarters and only manufacturing/distribution center. Their leased facility in Seattle had been recently sold for redevelopment, and they were given approximately 18 to 24 months to move their entire operation. Since Belshaw required a build-to-suit or a full redesign of an existing facility because of their special manufacturing needs, time was of the essence to secure the new location in a very tight and competitive real estate market.
Our Solution
Because Belshaw was willing to move anywhere within a 45-mile radius of the existing Seattle location, it was essential that all viable sites in the Puget Sound area were considered. In addition to providing essential real estate expertise, NAI Puget Sound Properties provided important tactical research for Belshaw to factor into their immediate and future economic demands, such as trucking logistics, employee commute times, supplier locations, potential municipal and county tax incentives, land values, construction costs, and lease vs. purchase analysis.
It was decided that a build-to-suit facility was the best option and 6 developers were selected to receive RFP’s for Belshaw’s requirement. By providing a 6 way competitive environment in the marketplace, NAI Puget Sound Properties was able to provide ideal negotiating leverage for the client. In the end, a very favorable deal was negotiated, which included a 20-year lease, a generous package of landlord provided tenant improvements, and significant rent concessions to help offset relocation costs.