EverWest, a Denver-based real estate investment company, is growing its industrial portfolio in the Puget Sound. In a recent transaction, the company acquired a seven-building industrial portfolio – offering nearly four acres of land – in Lynnwood for $19.8 million. Snohomish County public records show that the buildings were sold by SMR LLC, a limited liability company associated with James and William Linton.
The property is located across multiple parcels at 6306, 6312 and 6324 202nd Street SW; 6321, 6327 and 6329 204th Street SW; and 20309 64th Avenue. In total, the buildings make up 104,589 square feet, with buildings ranging from 3,300 square feet to 61,922 square feet.
Several tenants currently occupy the industrial buildings, including Seaway Marine Supply, Scott maas, Zesbaugh Inc. According to a previous property listing from CBRE, the buildings’ occupants are renting below market with shorter-term leases than average, allowing for potential upside in rents.
The property is also located in a primarily industrial area with close access to several major roadways, including Highway 99 and Interstate 5.
The purchase follows several recent acquisitions made by EverWest in the past couple of months. In May, the company added to its multifamily portfolio, with the purchase of the Muir Apartments. The 130-unit community in downtown Seattle was purchased for $54.4 million, or about $418,461 per unit.
Prior to that in February, EverWest purchased an additional industrial asset in Seattle for $15.48 million, or about $264 per square foot. Known as the Lonestar Building, the property is located at 6335 1st Avenue S. and totals 58,733 square feet.
