Church buys Kent Industrial Development

[JAHS]

Kent Industrial Development Sells for Record $260M

The Church of Jesus Christ of Latter-day Saints has purchased the 823,000-square-foot Pacific Gateway Industrial development in Kent, WA for $260 million. According to the developer and seller, Panattoni Development Company, the price tag represents the biggest single-asset deal on the West Coast this year.

The Puget Sound Business Journal reports Newmark had the listing for Panattoni and JV partner Link Logistics. Travis Hale, partner at Panattoni said that the transaction also represented the most expensive gross dollar amount to ever sell in the Kent market. The development is located on West Valley Highway at 59th Place South and is fully-leased to Blue Origin and Veritiv Corp.

Buildings in the complex, which was just completed in May, range from 100,000 to 350,000 square feet with clear heights between 24 and 40 feet. Panattoni and Link Logistics purchased the 42-acre site from The Boeing Co. for $60 million in early 2020.

_____________________________________

So I wonder if the Church is going to use this for its own purposes or just buying it for an investment?

[Amulek]

14 hours ago, JAHS said:

So I wonder if the Church is going to use this for its own purposes or just buying it for an investment?

Presumably an investment since, according to the linked article, "[the] buyer is an entity affiliated with the Church of Jesus Christ of Latter-day Saints" (emphasis added).

Though, since the church is going to be around forever, they could always just let the leases run out at some point in the future and then repurpose the land for some other use.

 

[Amulek]

3 hours ago, Moneymaking said:

Probably couldn’t find anything else to spend tithing money on. >$100bn goes a long ways when no one is being helped with it. 

Tell us how you really feel...

[Amulek]

13 minutes ago, Moneymaking said:

I did.

I'm aware.

On a related note: your sarcasm detector appears to be broken. It might not be too late to request a new one for Christmas though.

 

13 minutes ago, Moneymaking said:

Last two investments from ensign peak were $1.5bn for city creek mall and $600mm to bail out their failed insurance company beneficial life.  

I'm fairly certain you have no idea what the "[l]ast two investments from ensign peak" were. Hint: You are looking for ETFs and tech stock purchases (i.e., Microsoft).

But please, feel free to continue criticizing the Church while simultaneously indicating that you have no idea what you are talking about.

 

13 minutes ago, Moneymaking said:

Buying for-profit companies is not what we pay tithing for. 

Obedience to God's commandment is what I pay tithing for.

And, personally, I'm grateful that the Church doesn't take their leftover funds and just bury them in the ground like the slothful servant in the parable of the talents.

 

[Amulek]

2 hours ago, Moneymaking said:

I’m not talking about their most recent 13f filing. I’m talking about expenditures from the portfolio both of which clearly were intended to prop up a failing business and a mall project. 

You said you were talking about their "last two investments."

You either don't know the projects you referenced were not, in fact, their last two investments, or you don't know what an investment actually is.

Neither option helps your argument (or your credibility).

 

2 hours ago, Moneymaking said:

I agree they shouldn’t bury them and I didn’t advocate for that.

Okay. Then what do you think the Church ought to do with funds whenever they exceed current operating costs?

Spend every extra dollar and keep absolutely nothing in reserve for the future? Or is some amount of savings okay?

And, if so, then what do you propose they do with the money they are saving other than burying it in the earth (or leaving it in a coffee can like they did back during the Depression)?

 

2 hours ago, Moneymaking said:

They actually sold off some Microsoft but did buy Amazon which brings ensign peak up to about 9.09mm shares of Amazon.

Actually, according to the link you provided yourself, Ensign Peak Advisors strengthened its position in Microsoft by purchasing 184,491 additional shares.

But you are right about Amazon; they did buy 26,468 shares last quarter. That's only a 0.29% increase though, so I wouldn't consider it a material change.

 

2 hours ago, Moneymaking said:

Feel free to do a deep dive into what Amazon sells or gets paid to sell on their website. It is very contrary to this church’s alleged beliefs and values. I’ll give you a few links to use on Amazon to get you started:

[...]

I knew there was someone on the board who was obsessed with all the 'dirty things' that get sold on Amazon. I guess that's you.

I don't know what to tell you, but nothing you provided (link-wise) causes me to lose any sleep at night - though the trashy romance book titled 'Strangers With Benefits' made me laugh a little.

 

2 hours ago, Moneymaking said:

often our investments reflect our true values.

Often what people obsess over reflects their own personal weaknesses.

 

2 hours ago, Moneymaking said:

Tell me these products being sold in Amazon and the profits which will come to the church are in any way shape or form an honorable thing. 

Good luck 🍀 

Tell me that neither you nor anyone in your family has ever given a dime to Amazon or any of it's subsidiaries and then maybe we'll talk.

 

[JustAnAustralian]

Large building complex configured for logistics, close to a west coast international airport, close to sea-based shipping, cheap energy costs, ..

Sounds like a great secondary collection and distribution point for humanitarian efforts when needed if the church decides to use it themselves rather than renew the leases when they come up.

Edited December 20, 2022 by JustAnAustralian

[JustAnAustralian]

Sale record is here https://blue.kingcounty.com/Assessor/eRealProperty/Detail.aspx?ParcelNbr=0222049075

[JAHS]

12 minutes ago, Moneymaking said:

They can start with this:

https://bountifulchildren.org/#/home
 

i firmly believe in having a reserve and investing it. At some point ( which is where we are at now) the investment sustains itself and can find current operations AND still have funds leftover. They can afford to do much more good in this world than just telling poor starving people to pay tithing instead of feeding their kids. 

The church is constantly active in providing humanitarian aid. Here are some links that report on just a couple months worth of church donations:

https://www.thechurchnews.com/global/2022/10/31/23429114/peru-hospital-schools-shelters-donations-ucayali-cusco

https://ccxmedia.org/news/lds-churches-donate-8000-pounds-of-food-to-new-hope-nonprofit/

https://www.vanguardngr.com/2022/11/benue-flood-church-donates-150000-relief-materials-to-victims/

https://www.thechurchnews.com/global/2022/10/11/23397679/church-helping-to-deliver-food-hygiene-and-shelter-kits-after-typhoon-noru-hits-philippines

https://www.thechurchnews.com/global/2022/10/20/23414893/mexico-church-donation-cerebral-palsy-atlas-exoskeleton

https://newsroom.churchofjesuschrist.org/article/church-of-jesus-christ-32-million-world-food-programme

https://www.thechurchnews.com/global/2022/9/15/23355278/church-helps-provide-safe-water-peru-villages

https://www.thechurchnews.com/global/2022/9/16/23355382/500-people-fitted-prosthetic-limbs-indonesia-yayasan-peduli-tuna-daksa-church-of-jesus-christ

https://www.amarillo.com/story/news/2022/09/16/high-plains-food-bank-receives-over-18000-lbs-in-food-from-lds-church-donation/69498806007/

https://www.thechurchnews.com/global/2022/9/21/23365470/church-unicef-donation-global-malnutrition-program-5-million

https://www.thechurchnews.com/global/2022/9/28/23365257/humanitarian-donations-giving-aid-emergency-response-welfare-service-justserve

Whether it's money or materials it all costs money that comes from the Church. The question is how much is enough and will any amount donated ever be enough to satisfy the critics?

[Tacenda]

1 minute ago, Moneymaking said:

To answer the question at the end… perhaps 10%. Shouldn’t be too much to ask. After all that’s what is expected of those who cannot even feed their families if they do not want to be burned st the second coming. 
 

What is the total $ spent in 2021 by the church on charity? I’m not talking hours of labor. I’m talking about cash. 

Maybe the humanitarian comes from members too, by way of tithing since the tithing slip says it can be distributed at the church's discretion.

Edited December 21, 2022 by Tacenda

[bluebell]

4 minutes ago, Moneymaking said:

What is the total $ spent in 2021 by the church on charity? I’m not talking hours of labor. I’m talking about cash. 

Pres Oaks talked about this in his last GC talk:

"Our 2021 expenditures for those in need in 188 countries worldwide totaled $906 million—almost a billion dollars. In addition, our members volunteered over 6 million hours of labor in the same cause".

https://www.churchofjesuschrist.org/study/general-conference/2022/10/18oaks?lang=eng

[Tacenda]

8 minutes ago, Moneymaking said:

 

My understanding is tithing I’d used for operations, building and missionary work etc. not for feeding to poor. That is supposedly what fast offerings are for along with other misc donations not classified as tithing. I am open to be corrected but that is my understanding. 

Well often the church says these donations come from the members. 

[JustAnAustralian]

Tithing in Australia also goes to humanitarian aid. Other places likely vary.

[CV75]

21 hours ago, JAHS said:

Kent Industrial Development Sells for Record $260M

The Church of Jesus Christ of Latter-day Saints has purchased the 823,000-square-foot Pacific Gateway Industrial development in Kent, WA for $260 million. According to the developer and seller, Panattoni Development Company, the price tag represents the biggest single-asset deal on the West Coast this year.

The Puget Sound Business Journal reports Newmark had the listing for Panattoni and JV partner Link Logistics. Travis Hale, partner at Panattoni said that the transaction also represented the most expensive gross dollar amount to ever sell in the Kent market. The development is located on West Valley Highway at 59th Place South and is fully-leased to Blue Origin and Veritiv Corp.

Buildings in the complex, which was just completed in May, range from 100,000 to 350,000 square feet with clear heights between 24 and 40 feet. Panattoni and Link Logistics purchased the 42-acre site from The Boeing Co. for $60 million in early 2020.

_____________________________________

So I wonder if the Church is going to use this for its own purposes or just buying it for an investment?

I heard this is the new approach to temples.

[Calm]

2 hours ago, Moneymaking said:

 

My understanding is tithing I’d used for operations, building and missionary work etc. not for feeding to poor. That is supposedly what fast offerings are for along with other misc donations not classified as tithing. I am open to be corrected but that is my understanding. 

Tithing is used for the overhead expenses of humanitarian work so that all the money donated goes to the ones who need it. 

[blackstrap]

Take a guess at how many countries in the church can fully cover their own fast offering expenses . 

[Amulek]

16 hours ago, Moneymaking said:

You are right.. I read wrong line. although the ncrwase in Amazon shares was nominal, the present stake of ~ 9mm shares isn’t small

Well, I guess "small" is kind of relative.

Nine million shares of Amazon would be a lot for my personal portfolio - which, for the record, I would happily accept if any billionaires happen to be reading this thread - but in terms of the Church's assets, it comprises only 5.8% of their holdings. That's a pretty reasonable amount for a self-managed, diversified portfolio.

 

16 hours ago, Moneymaking said:

It is common knowledge the church has been obsessed with porn and masturbation for decades.

It is also common knowledge that the majority of the internet - something that has grown into existence within my own lifetime - is dedicated to porn.

Do you honestly expect that to become a thing and the Church not say something about it?

 

16 hours ago, Moneymaking said:

I just wonder why they feel they need to invest in a company that sells pornography and masturbation toys which facilitates the behavior that is next to murder in seriousness.

I think your threat analysis is a bit off here. I don't want to get into a lengthy debate, so I'll just say this: I have been a member of the Church my entire life, and I do not believe that self gratification is "next to murder in seriousness."

 

16 hours ago, Moneymaking said:

i do use Amazon as they are a fantastic company. I also don’t go around telling people they are sinners for playing with themselves and looking at porn and at the same time selling stuff for a profit to facilitate rage very activity I am speaking out on.. the church is hypocritical in this aspect. 

I'm confused now. I thought you said you were a member of the Church. Do you disagree with the Church's counsel on these subjects?

If not, then how does that make you any different? If the Church is hypocritical for owning stock in a company that sells 'dirty things,' why aren't you a hypocrite for directly supporting and enriching that same company?

 

16 hours ago, Moneymaking said:

What did you think of this link which I also provided?:

!!!WARNING the link has obscene material in it but it is a business partially owned by the church so it should be fine to post here!!!!

https://www.amazon.com/s?k=masturbation+toys&rh=n%3A2649512011&crid=1RZ27SRIJYTPY&sprefix=masturbation+toys%2Caps%2C215&ref=nb_sb_noss

I pulled up that link too. I don't see anything wrong with selling any of the items on that list.

Maybe you are more accustomed to talking with prudes who find even the notion of sex toys shocking or scandalous.

Sorry to disappoint, but I've been happily married for 20+ years now, and I don't see anything inherently objectionable about sex toys.

I don't want to get into a detailed discussion on the matter due to board rules, but you do recognize that none of the items on that list require you to exclude your partner, right?

 

16 hours ago, Moneymaking said:

should the church own this business?

I don't see why not.

Amazon isn't a sex toy business, or a pornography business, or even an anti-Mormon publishing house: it is a retail marketplace which sells over 12 million items itself and facilitates the sale of an additional 350+ million items from third-party vendors.

I'm sorry that you seem to take such great offense to the fact that some minuscule portion of what they sell is (or could conceivably be considered to be) inappropriate.

 

15 hours ago, Moneymaking said:

i firmly believe in having a reserve and investing it.

Okay, so what then are the guidelines in your mind which define ethical investing?

Amazon is apparently out because they sell things which can facilitate the sin "next to murder in seriousness."

How about Walmart then? The church owns stock in them. Is Walmart an acceptable investment?

Before you answer, remember this: Walmart sells guns; guns which can - again, according to your logic - facilitate not just a sin "next to murder in seriousness," but actual murder. Last I checked, the Church was still pretty solidly anti-murder, so would it be hypocritical of them to own stock in Walmart?

 

15 hours ago, Moneymaking said:

At some point ( which is where we are at now) the investment sustains itself and can find current operations AND still have funds leftover. They can afford to do much more good in this world than just telling poor starving people to pay tithing instead of feeding their kids. 

I have never heard of an area where (1) the Church was present, (2) it was able to function, and (3) members children are unable to eat. Does such a place exist?

Also, it isn't the Church who asks people to pay tithing - that's on God. If you don't think it's fair of Him to require some amount of sacrifice from all of his children that's probably something you need to take up with Him.

 

Edited December 21, 2022 by Amulek

[Stargazer]

On 12/20/2022 at 3:56 AM, JAHS said:

Kent Industrial Development Sells for Record $260M

The Church of Jesus Christ of Latter-day Saints has purchased the 823,000-square-foot Pacific Gateway Industrial development in Kent, WA for $260 million. According to the developer and seller, Panattoni Development Company, the price tag represents the biggest single-asset deal on the West Coast this year.

The Puget Sound Business Journal reports Newmark had the listing for Panattoni and JV partner Link Logistics. Travis Hale, partner at Panattoni said that the transaction also represented the most expensive gross dollar amount to ever sell in the Kent market. The development is located on West Valley Highway at 59th Place South and is fully-leased to Blue Origin and Veritiv Corp.

Buildings in the complex, which was just completed in May, range from 100,000 to 350,000 square feet with clear heights between 24 and 40 feet. Panattoni and Link Logistics purchased the 42-acre site from The Boeing Co. for $60 million in early 2020.

_____________________________________

So I wonder if the Church is going to use this for its own purposes or just buying it for an investment?

Interesting!

Being from the area, I'm familiar with the lay of the land out there. The church already owned some amount of property in Kent, and that includes a storage and canning facility, the Bishop's Storehouse. I've spent a fair amount of time at the storehouse helping out with the family canning effort. There was a grain silo on that property -- but the actual size of the grounds wasn't that large. This new property will probably be used for that -- I'd bet they move the Bishop's Storehouse to there.

[Dario_M]

On 12/21/2022 at 6:24 PM, Stargazer said:

Interesting!

Being from the area, I'm familiar with the lay of the land out there. The church already owned some amount of property in Kent, and that includes a storage and canning facility, the Bishop's Storehouse. I've spent a fair amount of time at the storehouse helping out with the family canning effort. There was a grain silo on that property -- but the actual size of the grounds wasn't that large. This new property will probably be used for that -- I'd bet they move the Bishop's Storehouse to there.

How interesting. And? Will you check the new storehouse out when it have moved to this new place? You are from that area after all right.

[Calm]

Stargazer may be off on his no internet vacation, so I will answer for him. He is living in England now. 

Edited December 22, 2022 by Calm