Earlier this month, the SMARTCAP Team (minus a couple of key players) headed to Renton to celebrate another wonderful year, playing at the new Top Golf to cap off a great 2022. From signing a joint venture agreement to closing out Value Fund 3 with two ground-up industrial developments and the acquisition of an asset in Oregon to round out the fund, we have achieved so much. To our network and to our investors, thank you for supporting SMARTCAP! Without you, this wouldn't be possible and we are grateful for each and every one of you. We are ready to close out 2022 on a great note and head into 2023 with optimism, excitement, drive, and determination!
Port of Everett Adds 40 Acres of Cargo Capacity
The Everett waterfront may not look much different to you or me, but those who are familiar with the area and its history see the waterfront as full of opportunity. The Norton Cargo Terminal at the Port of Everett is now open, adding 40 acres of cargo capacity to the port, which is the fifth largest on the West Coast. Nearly 1,000 jobs are being created with the new port, which will help to ease supply chain problems and shipping backlogs all along the West Coast.
Woodinville Industrial Building Sells for Double Its Purchase Price
A large industrial building in Woodinville, WA was sold for more than double its 2018 purchase price. Redapt, a technology service provider, occupies the 66,000 square foot, single-tenant industrial building in the Seattle suburb of Woodinville. The building last traded hands in 2018 for $10.625 million, or $159 per square foot, and the purchase price was listed at $24.5 million, or close to $371 per square foot.
SMARTCAP and Tenants Spreading Holiday Magic
SMARTCAP lives by a set of Core Values, with one being "Be A Good Corporate Citizen". In alignment with these Core Values, Assistant Property Manager Adryanne Maniulit lead a fundraiser that benefitted Treehouse, a wonderful nonprofit that makes sure every foster child in Washington State has a Christmas gift. Adryanne brought donation barrels to Bellevue Terrace, Evergreen Office Park, and K405, and set up an online donation drive for the Quads properties. Altogether, we were able to donate countless gifts, in addition to the $1,400 that was raised through the online donation. In honor of Adryanne's hard work and to support SMARTCAP's Core Values, we will be matching the $1,400 donation from our tenants.