SMARTCAP RESEARCH – September 2022 NEWSLETTER

Written by Laura Holloway | Oct 4, 2022 6:08:01 PM

Allegro Pediatrics' Tenant Improvement Project Completed

Tenant satisfaction is one of our Property Management team's highest priorities, and we are thrilled to share the tenant improvement project just completed at SMARTCAP's Bellevue Terrace Office Park for Allegro Pediatrics! This full-service pediatric medical clinical buildout, consisting of 27 exam rooms spanning 9,805 SF, was completed by GC W.R. Hanson. Allegro Pediatrics is a leading provider of children's medical care on the Eastside, with 9 locations, including Bellevue Terrace Office Park. Welcome home, Allegro!

Microsoft Acquires 8-Acre Site Near Downtown Redmond

Microsoft continues to expand its presence in Redmond, after recently announcing the acquisition of an eight-acre site east of downtown. The tech giant purchased the asset, located in East Redmond just north of Lake Sammamish, for $37.6mm. The 32,015 SF building was built in 1966 and serves as a manufacturing facility for Olympian Precast. The site is nearby the Microsoft Millennium Campus, and just a short distance from their main headquarters.

Rob Towne, Microsoft's regional director of Real Estate Operations Puget Sound said of the acquisition, "At Microsoft, our physical footprint is rooted in strengthening customer partnerships, establishing an inclusive culture, and ensuring our presence creates a positive impact on the local community. This is exactly our focus right here at home, on our East campus, in Redmond."

SMARTCAP Opportunity Zone Fund 3 Construction Progress

As summer is coming to a close, we are so proud to announce that SMARTCAP Distribution Center (DC) North B is nearing completion! This 68,425 SF light distribution center, located in Marysville, is part of our Opportunity Zone Fund 3, which consists of two neighboring sites of different sizes to accommodate different tenant needs and requirements. These development sites are well-located with easy access to Interstate I5 and the Seattle MSA. With its modern color blocks, convenient location, and ideal size, it is the perfect combination for a smaller outfit looking to present a strikingly professional front. This building will remain distinctly set apart in the Marysville region for years to come!

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