The Puget Sound industrial market is stronger than ever as evidenced by global investment firm KKR purchasing a new industrial development in Everett, WA. What is especially notable about this transaction is that KKR is an institutional buyer in a market that has yet to see significant institutional investment activity. This transaction suggests that the South Everett/Harbour Pointe industrial market is finally being looked at by institutions. The Glacier Peak development is located in Everett, WA, and Panettoni was the seller/developer. It was delivered in 2019 and was 100% occupied at sale. This is a multi-tenant asset anchored by Amazon, which leased 50% of the property, with near-term lease expiration for the distribution giant occurring in September of 2024. Other tenants include Compass Group USA, INFARM, and Great Little Box. Glacier Peak sold for $45,200,000 at $221 per SF, and a terminal cap rate of 4.20%.
SMARTCAP and SMARTCAP Construction are excited to announce our newest development, Arlington Air! This is a two-phase development with 134,025 SF Building A to be ready for occupancy in June of 2021. In addition, Building B is 166,760 SF and available as a build-to-suit. SMARTCAP Construction has completed the site grading work and an access road, and we plan to start pouring concrete for Building A in November. We will keep you up to date with the site progress on SMARTCAP and SMARTCAP Construction LinkedIn, and you can also learn more about the project here.