Key Technology
buys WW building
from Port
After leasing for nearly 20 years, Key
Technology, Inc., has purchased its Avery Street
Industrial Park building from the Port of Walla
Walla.
Officials said the purchase price is
approximately $6.5 million.
Port Commission President Dr. Fred Bennett
said, “Key’s purchase of its headquarters and
manufacturing complex will help solidify its
presence in the Walla Walla Valley.”
The Port constructed a 150,000 square foot
Avery Street building for Key in 1989. The
firm had 23 full-time employees at the Walla
Walla site.
In 2005, the Port expanded the facility to
172,000 square feet on the 20-acre campus.
And Key is now the 9th largest employer in the
Valley with a staff of 467.
Dr. David Camp, president and CEO of Key
Tech, said, “The Port and Washington State
have played an instrumental role in helping us
expand by making sure we had a cost effective
facility to grow our business. However, after
leasing the facilities for nearly 20 years, we’ve
decided it is more cost effective to own.”
Bennett said the Port will use approximately
two thirds of the sale proceeds |
Photo by Donna Lasater“After leasing the facilities for nearly
20 years, we’ve decided it is more
cost effective to own.”
Dr. David Camp - President & CEO, Key Technology, Inc. |
to retire debts, including those related to the Key Technology
plant.
Port Commission Vice President Mike
Fredrickson adds, “While this property
sale represents an important milestone, we remain very |
interested in working with Key to expand its operations in Walla Walla when
future opportunities present themselves. We
are fortunate to have a company like Key
Technology headquartered in Walla Walla.” |
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Photo by Donna Lasater
Two new “winery incubator buildings” have been added to
the three completed in 2006, to finish the Port of Walla Walla
complex built to offer startup winemakers an improved chance
for business success.
The buildings are leased for six years at affordable, but
accelerating rates to give first-time vintners a head-start on
establishing their stand alone operation without having to worry
about physical plant challenges.
Like the original three, the newest of the five were funded with
a combination of Washington State grant money and funds from the Walla Walla Regional |
Airport budget. The total $755,000
investment included $492,500 from the state and $262,500 in
airport dollars.
Port Commissioners say Washington State Representative Bill
Grant, of Walla Walla, was instrumental in helping access the
state funding.
The new buildings were quickly occupied by CAVU Cellars and
Kontos Winery. Those operations join Adamant Cellars, Lodmell
Cellars and Trio Vintners who are all nearly two years into the
incubator program. |
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