Smartcap Acquires Everett Office Space
Smartcap, a commercial real estate investment company, recently purchased Quadrant I-5 Corporate Park, Building A, for $14.4M from Shelby Co. LLC.
The 75K SF building is at 738 134th St. SW in Everett. The two-story Class-A building sold at a 7.2% cap rate and is 87% occupied.
The purchase follows Smartcap's $12.5M buy of the 68,575 SF Building B in September.
“We are thrilled to have acquired nearly 145,000 SF of office space in this area for an excellent price,” Smartcap co-founder and President Tim Shoultz said in a statement. “With the increased traffic out of Paine Field and the general growth in the area, we believe the long-term viability for these properties will continue to increase.”
Kidder Mathews commercial real estate brokers Todd Battison and Ken Hirata represented Smartcap. The seller was represented by Kidder Mathews' Battison, Andy Miller and Matt Hagan.
CORRECTION, FEB. 8, 2:37 P.M. PT: A previous version of this story misspelled Kidder Mathews' Todd Battison's name. The story has been updated.