Closed – Smokey Point Plaza
Smokey Point Plaza Sold for $7.165MM
By: The Registery
ARLINGTON, WA, Sept. 29, 2022 – Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Smokey Point Plaza, a multi-tenant retail property located in Arlington, WA, according to Joel Deis, regional manager of the firm’s Seattle office. The asset sold for $7,165,000. Andrew Scotland, Clayton J. Brown and Ruthanne Loar, investment specialists in Marcus & Millichap’s Seattle office, had the exclusive listing to market the property on behalf of the seller who originally purchased the site in 2019 for $4,880,000.
Smokey Point Plaza is located at 3405 172nd St NE in Arlington, WA, roughly one mile from Amazon’s “Project Roxy”, a new 2.8 million square foot distribution center. This development is anticipated to bring more than a thousand new jobs to the immediate area. In addition, several new multi-family and single-family developments are also in the works surrounding the property. These developments are anticipated to further increase traffic to this retail corridor which already boasts over 58,000 vehicles per day.
FROM THE BROKER
Smokey Point Plaza, an approximately 25,000 SF shopping center in Arlington, WA featuring an in-line drive-thru and multiple tenants with annual CPI rent increases, sold $65,000 above list price at $7,165,000. According to Andrew Scotland, Lead Listing Broker, “Within the first few weeks of marketing Smokey Point Plaza, we presented the Seller with multiple competing list price offers from serious Buyers. Due to the competition we created, we moved forward with an aggressive 1031 exchange Buyer who put down non-refundable earnest money upon signing the PSA and closed the transaction above our list price. The Seller, who is local to the NW, originally purchased the site in 2019 for $4,880,000 and plans on 1031 exchanging into a larger asset.”
-Andrew Scotland | Market Director
AS SEEN ON
About Marcus & Millichap (NYSE: MMI)
With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 9,726 transactions in 2019 with a value of approximately $50 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.