Seattle, Wash. (September 12, 2017) - SmartCap Group, a commercial real estate investment company, has purchased Quadrant I-5 Corporate Park, Building B, a 68,575 square foot office building, for $12,500,000. The seller was TMG Lynnwood, LLC, a commercial real estate investment and management company. Kidder Mathews commercial real estate brokers, Todd Battison and Ken Hirata represented the buyer in the transaction. The seller was also represented by Battison and Hirata, along with Ann Chamberlain and Mark Flippo of JLL.
The two-story, Class A office building is located at 808 134th Street SW in Everett, Washington. It was approximately 89% occupied at the time of sale.
"This sale was the result of multiple offers for this two-story, multi-tenant office building. Kidder Mathews procured a new office lease tenant during the sale process that was signed prior to sale closing," said Battison. "This new lease raised the projected cap rate within months of closing to approximately 7.65%," he said.
About SmartCap Group
SmartCap is a value add commercial real estate private equity firm that has completed nearly $100 million in total transactions since 2010. SmartCap's primary focus is acquiring value add office, warehouse and retail properties in the greater Puget Sound. SmartCap strives to be known as a sophisticated real estate investment company and an excellent buyer." Learn more at smartcapgroup.com.
About Kidder Mathews
Kidder Mathews is the largest independently owned commercial real estate firm on the West Coast, with nearly 800 real estate professionals and staff in 20 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, property management, consulting, project & construction management, and debt & equity finance services for all property types. The firm performs $5.6 billion in transactions, manages over 48 million square feet of space, and conducts 1,300 appraisals annually. For more information, visit kiddermathews.com.