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Amazon (AMZN) Purchases 2 Properties in Seattle for $19.2M
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Major online retailer, Amazon.com, Inc. (AMZN - Free Report) recently bought two adjacent properties in Seattle’s Denny Triangle neighborhood, for a total of nearly $19.2 million.
Shares of Amazon have been steadily treading higher on a year-to-date basis. The stock has returned 13.21% compared to the Electronic Commerce industry’s gain of 7.31%.
Details
The properties include a vacant motel and the office of Pronto, the city's bicycle sharing program. Both the properties together occupy half block on the west side of Seventh Avenue, between Blanchard and Bell streets.
As of now, the exact purpose of the property purchase is not clear. Neither Amazon nor any of its affiliates have filed for permits for the site with the city of Seattle. However, the company will probably build a fifth skyscraper as part of its new campus north of downtown Seattle.
Amazon already has four buildings in the region, among which two buildings are fully operational. Meanwhile, the third is currently being used as a Prime Now rapid delivery hub. The company also has a fourth block in the neighborhood, where permit records show it is planning to build approximately 860,000 square feet of office space.
Bottom Line
Seattle is the tech business hub of the U.S. with world class technology talent. It is a strategically positioned location which provides easy access to the worldwide markets. As a result, large tech companies from across the country such as Facebook , EMC, eBay (EBAY - Free Report) , Microsoft (MSFT - Free Report) and Amazon have set up stores in the region. Additionally, the city provides ample scope to enlarge their respective workforce with the availability of professional and loyal expertise.
In a bid to maintain its supremacy Amazon has been expanding on a global basis. For this, the company is investing more in fulfillment as well as technology and content. Though increased expenses could hurt the company’s bottom line in the near term, we believe these measures are necessary to maintain the company’s dominance in this highly competitive market.
As part of its expansion plans, John Schoettler, Amazon Director of Global Real Estate and Facilities, said earlier this year that the company may purchase close to 12 million square feet across 40 buildings in Seattle.
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Amazon (AMZN) Purchases 2 Properties in Seattle for $19.2M
Major online retailer, Amazon.com, Inc. (AMZN - Free Report) recently bought two adjacent properties in Seattle’s Denny Triangle neighborhood, for a total of nearly $19.2 million.
Shares of Amazon have been steadily treading higher on a year-to-date basis. The stock has returned 13.21% compared to the Electronic Commerce industry’s gain of 7.31%.
Details
The properties include a vacant motel and the office of Pronto, the city's bicycle sharing program. Both the properties together occupy half block on the west side of Seventh Avenue, between Blanchard and Bell streets.
As of now, the exact purpose of the property purchase is not clear. Neither Amazon nor any of its affiliates have filed for permits for the site with the city of Seattle. However, the company will probably build a fifth skyscraper as part of its new campus north of downtown Seattle.
Amazon already has four buildings in the region, among which two buildings are fully operational. Meanwhile, the third is currently being used as a Prime Now rapid delivery hub. The company also has a fourth block in the neighborhood, where permit records show it is planning to build approximately 860,000 square feet of office space.
Bottom Line
Seattle is the tech business hub of the U.S. with world class technology talent. It is a strategically positioned location which provides easy access to the worldwide markets. As a result, large tech companies from across the country such as Facebook , EMC, eBay (EBAY - Free Report) , Microsoft (MSFT - Free Report) and Amazon have set up stores in the region. Additionally, the city provides ample scope to enlarge their respective workforce with the availability of professional and loyal expertise.
In a bid to maintain its supremacy Amazon has been expanding on a global basis. For this, the company is investing more in fulfillment as well as technology and content. Though increased expenses could hurt the company’s bottom line in the near term, we believe these measures are necessary to maintain the company’s dominance in this highly competitive market.
As part of its expansion plans, John Schoettler, Amazon Director of Global Real Estate and Facilities, said earlier this year that the company may purchase close to 12 million square feet across 40 buildings in Seattle.
AMAZON.COM INC Price and Consensus
AMAZON.COM INC Price and Consensus | AMAZON.COM INC Quote
Amazon carries a Zacks Rank #3 (Hold).
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Our experts cover all kinds of trades… from value to momentum . . . from stocks under $10 to ETF and option moves . . . from stocks that corporate insiders are buying up to companies that are about to report positive earnings surprises. You can even look inside exclusive portfolios that are normally closed to new investors. Starting today, for the next month, you can have unrestricted access. Click here for Zacks' private trades >>