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2/06/18
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SMARTCAP paid $14.4 mil for Quadrant I-5 Corporate Park, Building A, a 75k sf ($192/sf) office building in Everett, WA. It was sold by Shelby Company LLC. The property traded at a 7.2% cap rate.
The two-story, Class A building is located at 738 134th Street SW, just west of I-5 in Everett. The building was 87% occupied at the time of sale.
Todd Battison and Ken Hirata with Kidder Mathews represented SMARTCAP in the purchase. The seller was also repped by Battison, along with Kidder Mathews colleagues Andy Miller and Matt Hagen. Battison and Hirata also repped SMARTCAP when they acquired Building B, a 68.6k sf building in the same park, for $12.5 mil.
“We are thrilled to have acquired nearly 145k sf of office space in this area for an excellent price. 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,” said Tim Shoultz, president & co-founder of SMARTCAP.
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