Smokey Point Plaza arlington, WA Shopping Center with Strong Rent Growth in Premier Retail Destination 3405 172nd St NE, Arlington, WA, 98223
SMOKEY POINT PLAZA IS A 24,794 SF RETAIL CENTER LOCATED OFF INTERSTATE 5 IN THE EXPANDING RETAIL DISTRICT OF SMOKEY POINT. Investment Highlights The offering provides an opportunity to acquire a 96% occupied retail center that was remodeled in 2009 and features a high percentage of tenants exhibiting scheduled rent increases. The current owners have invested significant capital improvement dollars to increase the appearance, safety and experience of tenants and customers. This has resulted in a significant amount of recent activity as the Center leased four suites totaling more than 38% of the GLA since 2016. The Property is located within a growing and dynamic retail area of north Snohomish County. Immediately off of Interstate 5 at 172nd Ave NE, the Smokey Point area is seeing large amounts of retail and residential developments expanding the draw to the area and creating more traffic around the Property. Smokey Point Plaza sees more than 34,000 vehicles per day along 172nd Ave NE and is adjacent to an Interstate 5 interchange that provides access to an additional 70,000 VPD. PRICE: $5,150,000 CAP: 6.50% OCCUPANCY.... 96% LEASABLE SF.... ±24,794 SF PRICE PER SF.... $208 LAND AREA... ±92,347 SF YEAR BUILT/REMODELED......... 1985/2009 AVG CURRENT RENTS... $14.26/SF PARKING... ±106 Spaces or 4.38/1,000 SF ADDRESS: 3405 172nd St NE, Arlington, WA, 98223 SMOKEY POINT PLAZA 2
Core Characteristics RETAIL DESTINATION WITHIN GROWTH AREA The Smokey Point area, particularly the commercial area surrounding the I-5 interchange at 172nd St, has seen an abundance of new retail and residential development since 2006, including the construction of Costco, Target, Walmart and several other national retailers. Immediately across the I-5 overpass from the Property there are currently 529 multi-family housing units under construction along with additional commercial developments with stores such as Dick s Sporting Goods, Hobby Lobby, Party City and several dine-in restaurants also under construction. The concentration of the national retailers in this area allow retail developments to pull from a wide demographic well in excess of a five mile radius. MORE INFO ON CURRENT DEVELOPMENTS. ROBUST RENT GROWTH AND FAVORABLE EXPENSE STRUCTURES More than 75% of tenants at the Property exhibit scheduled rent growth through their remaining lease terms. Excluding further lease-up, the significant amount of rent growth on in-place leases provides an investor the potential of increasing their yield nearly 50 basis points by 2019. In addition to solid lift in base rent, tenants at Smokey Point Plaza exhibit favorable reimbursement structures recapturing a high percentage of all operating expenses. A new operator has taken over the Sweat Shop on very favorable lease terms paying only expenses until their business is up and running. No rental income is being attributed to this suite in the analysis. SIGNIFICANT RECENT LEASING ACTIVITY Smokey Point Plaza leased up more than 38% of the GLA since 2016 including the Property s two largest suites excluding Taco Time. The significant leasing activity is in large part due to the numerous capital improvements made to the property as well as a testament to the strength in the Smokey Point trade area and the amount of new retail demand in the growth area surrounding the Interstate 5/Highway 531 interchange. CORPORATE TACO TIME WITH LONG TENURE Taco Time has anchored the drive-thru end cap at Smokey Point Plaza for 22 years and has recently extended their lease term three years early for an additional eight years, expiring in 2026. The Taco Time lease was recently assigned by a franchisee to Accord Inc. and is now operated as a corporate Taco Time location. Accord Inc., dba Taco Time NW has more than 70 locations throughout Washington. CLOSE PROXIMITY TO TULALIP RESORT AND CASINO The area benefits from its close proximity to the developments one exit south on I-5, entertainment destination Tulalip Resort and Casino paired with an open-air regional outlet mall, Seattle Premium Outlets. The destination area helps create a regional draw that reaches further south to Tacoma and north into Canada. SMOKEY POINT PLAZA 3
Quick Stats About taco TIME LEASE TENANCY 20 + YEARS - 26% 10 + YEARS - 18% 44% 10 + YEARS 70+ 22-YEAR TENURE 2 + YEARS - 14% <2 YEAR - 38% AVAILABLE - 4% LOCATIONS THROUGHOUT WA TACO TIME NW (ACCORD INC. - CORPORATE) IN THIS LOCATION 9 YEARS REMAINING OCCUPANCY 96% OCCUPIED 5 NEW LEASES SINCE 2016 SMOKEY POINT PLAZA 4
Recent Leasing Activity Smokey Point Retail Center has recognized significant recent leasing activity stemming from several capital improvements and as the Smokey Point retail area continues to grow. The Property has seen more than 38% of the GLA leased since the beginning of 2016, bringing the occupancy to a stabilized level of 96%. FOREVER SPRING SPA TENANT SIZE: 1,100 SF COMMENCEMENT: 7/1/2017 (Estimated) EXPIRATION: 10/31/2022 (Estimated) RENT: $14.00/SF ESCALATIONS: 3% Annual Increases MUGU GAMES TENANT SIZE: 3,044 SF COMMENCEMENT: 8/11/2016 EXPIRATION: 11/30/2021 RENT: $10.00/SF ESCALATIONS: 2018: $12.00/SF (20.0% Increase) 2020: $13.00/SF (8.3% Increase) THE SWEAT SHOP TENANT SIZE: 3,223 SF COMMENCEMENT: 1/21/2016 EXPIRATION: 1/22/2021 RENT: $0.00 + NNN ESCALATIONS: 2018: $7.81/SF PACIFIC CREST WEIGHT LOSS CLINIC TENANT SIZE: 1,100 SF COMMENCEMENT: 2/17/2016 EXPIRATION: 5/31/2019 RENT: $13.00/SF ESCALATIONS: 2018: $14.00/SF (7.7% Increase) 2019: $14.50/SF (3.6% Increase) BELLA BOUTIQUE TENANT SIZE: 1,100 SF COMMENCEMENT: 1/13/2016 EXPIRATION: 5/12/2019 RENT: $16.48/SF ESCALATIONS: 3% Annual Increases
Area Rents AVERAGE RENT PER SF UNDER $20/SF Smokey Point Shopping Center Smokey Point Court $20/SF - $25/SF Gateway Center $25/SF - $30/SF Lakewood Crossing Walmart Pad $30/SF - $35/SF Lakewood Pointe Pads Smokey Point Marketplace Smokey Point Retail Center POSITIONED FOR RENT UPSIDE Smokey Point Plaza has average rents near $13 per square foot, providing further income growth for an investor. In the short term, the lower cost of tenancy within Smokey Point Plaza allows the Property to maintain higher occupancy levels and attract a wide variety of tenants. 5 SMOKEY POINT SHOPPING CENTER SMOKEY POINT MARKETPLACE LAKEWOOD POINTE PADS SMOKEY POINT PLAZA 531 SMOKEY POINT RETAIL CENTER GATEWAY CENTER 531 WALMART PAD SMOKEY POINT COURT LAKEWOOD CROSSING 5 SMOKEY POINT PLAZA 6
Aerial NEARBY AREA RETAIL 7-Eleven Best Buy Big 5 Sporting Goods Costco Dick s Sporting Goods* Domino s Pizza Fred Meyer Goodwill Haggen Inc. IHOP Ivar s Seafood Bar JoAnn Fabrics Kmart Kohl s Lowe s *Smokey Point Retailers Coming Soon Marshall s McDonald s Office Depot Party City* PetSmart Red Robin Regal Cinemas Rite Aid Ross Dress for Less Safeway Subway Target Tractor Supply Walmart Winco Foods SMOKEY POINT PLAZA 5 1 Exit South SMOKEY POINT BLVD 36,000 DAILY 531 531 172ND AVE NE SEATTLE PREMIUM OUTLETS Adidas Factory Outlet Armani Banana Republic Brooks Brothers Burberry Calvin Klein DVF Gap Factory Outlet Hugo Boss Kate Spade FOR A FULL LIST OF RETAILERS, CLICK HERE Nike Factory Outlet The North Face Restoration Hardware Theory Vince THE TULALIP RESORT CASINO is a AAA Four Diamond award-winning 12-story hotel with 370 rooms and suites. The resort includes 192,000 square feet of gaming space, 7 restaurants: Tulalip Bay, Blackfish, Cedars Cafe, The Draft Bar and Grill, Journeys East, Eagles Buffet and Canoes Carvery, and is home to the T Spa, an onsite spa which features 14,000 square feet of treatment rooms. There are also meeting facilities, and the Canoes Cabaret, Orca Ballroom, and Tulalip Amphitheatre for entertainment events. 118,000 DAILY 5 5 SMOKEY POINT BLVD SMOKEY POINT PLAZA 7
Surrounding Retail NEW DEVELOPMENT Brand new area development includes the opening of Dick s Sporting Goods and Hobby Lobby at Smokey Point Marketplace. Additionally, the Lodge apartments have opened Phase I of the more than 300 multi-family units adjacent to Smokey Point Marketplace bringing the total of newly developed multi-family units in the area to over 500. SMOKEY POINT MARKET PLACE LAKEWOOD POINTE PADS 531 EVERETT CLINIC SMOKEY POINT PLAZA SMOKEY POINT BLVD 531 172ND AVE NE 36,000 DAILY 17,950 DAILY 5 118,000 DAILY SMOKEY POINT PLAZA 8
Site Plan SITE PLAN KEY PARCEL OUTLINE: LAND AREA: LEASABLE AREA: SUBJECT: AVAILABLE: NOT A PART: PYLON SIGN: INGRESS/EGRESS: ±92,347 SF ±24,794 SF SKY VAPOR LLC MUGU GAMES FOREVER SPRING SPA SAFETY EDUCATORS, INC. VACUUM & SEWING HI-TEK NAILS MAILBOX DEPOT SMOKIN 67 DRIVE- THRU THE SWEAT SHOP AVAILABLE BIG FOOT MUSIC #1 TERIYAKI PACIFIC CREST WEIGHT LOSS BELLA BOUTIQUE SMOKEY POINT BLVD 14,750 VPD PYLON SIGN 172ND ST NE 36,000 VPD Site Plan Not To Scale SMOKEY POINT PLAZA 9
Featured Photos SMOKEY POINT PLAZA 10
Recent Property Updates FENCING Rear of building is fully fenced with two locked gates to enclose the property. PARKING Parking lot has been cleaned, striped, and sealed, and landscaping has been improved. HVAC Replaced multiple HVAC Systems. LIGHTING All exterior lighting has been updated to LEDs and numerous lighting packs have been added to the exterior. SECURITY Added security cameras to the front and back of the building. SIGNAGE Monument sign was recently cleaned and updated with rock base. SMOKEY POINT PLAZA 11
Financial Summary IN-PLACE PRICE $5,150,000 Capitalization Rate 6.50% Price Per Foot $208 NET OPERATING INCOME SUMMARY IN-PLACE SCHEDULED INCOME Per SF Scheduled Rent: 10/1/2017 $13.89 $344,408 Plus: Rent Increases Through 9/30/2018 $0.10 $2,559 Plus: Expense Reimbursement $4.31 $106,836 Equals: Scheduled Gross Income $18.30 $453,803 Current Vacancy 4% Equals: Effective Gross Income (EGI) $18.30 $453,803 Less: OPERATING EXPENSES Per SF CAMS $1.99 $49,342 Property Taxes $1.73 $42,784 Insurance $0.13 $3,203 Management Fee 4.5% of EGI $0.79 $19,530 Reserves $0.10 $2,479 Total Operating Expenses $4.73 ($117,339) Equals: NET OPERATING INCOME $13.57 $336,464 This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies. SMOKEY POINT PLAZA 12
Rent Roll Tenant Name Suite Size % of SF TENANT INFO LEASE TERMS CURRENT RENT RENT INCREASES OPTIONS Occupancy Date Lease Expiration Monthly Base Rent Rent/SF/YR Date Monthly Taco Time A1 3,140 12.7% 6/1/94 8/31/26 $6,853 $26.19 9/1/18 $7,058 $206 2-5 YR NNN comments: Tenant pays a percentage rent of 5% of gross sales over a natural breakpoint. Annual CPI or 3% Increases CPI Increases Tenant's rent increases is greater of 3% or CPI increase. 120 Days Notice Smokin' 67 A4 1,100 4.4% 8/1/04 9/30/22 $1,765 $19.26 8/1/18 $1,818 $106 NNN comments: Tenant recently exercised option to extend for five years. Tenant has two 3% Annual Increases months free rent from 8/1/2017 through 9/1/2017. Mailbox Depot A5 1,100 4.4% 11/1/99 4/30/22 $1,788 $19.50 3/1/19 $1,841 1-5 YR NNN comments: Lease is personally guaranteed. Tenant recently extended the lease term for 3% Annual Increases FMR five additional years. 180 Days Notice Hi Tek Nails A6 1,100 4.4% 8/1/96 7/31/20 $1,970 $21.49 8/1/18 $2,029 $118 NNN 3% Annual Increases Smokey Point Sewing & Vacuum A7 1,100 4.4% 4/1/04 12/31/17 $1,637 $17.86 NNN comments: Tenant has termination option given 90 days notice for health related reasons. Should tenant terminate the lease, they will be responsible for a pro rata portion to the lease commission and free rent. Safety Educators Inc. A8 1,100 4.4% 2/19/14 6/30/22 $1,750 $19.09 7/1/18 $1,803 $158 Gross comments: Tenant is on a gross lease, with an effective NNN rental rate of $14.49. Tenant 3% Annual Increases signed a five-year extension with termination option after year three. Lease has been assigned to Associated General Contractors of Washington. Forever Spring Spa A9 1,100 4.4% 7/1/17 10/31/22 $1,283 $14.00 11/1/18 $1,322 1-5 YR NNN comments: Tenant signed new 5yr, 4mo lease with four months free rent. Lease is 3% Annual Increases FMR personally guaranteed. Rent commencement is estimated. 12 Months Notice Mugu Games A10 3,044 12.3% 8/12/16 11/30/21 $2,537 $10.00 9/1/18 $3,044 $507 1-5 YR NNN 9/1/20 $3,298 FMR w/3% Annual Increases 180 Days Notice Sky Vapor LLC A13 2,283 9.2% 12/1/14 4/4/18 $2,019 $10.61 NNN comments: Lease is personally guaranteed. The Sweat Shop A18 3,223 13.0% 1/21/16 4/30/18 $0 $0.00 1-5 YR NNN comments: A new operator has been assigned the lease and will begin operations with a FMR one year lease paying only their share of expenses starting May 1, 2017. 180 Days Notice Available A20 1,004 4.0% $1,171 $14.00 Additional Annual LEASE TYPE Big Foot Music A21 2,200 8.9% 11/1/96 4/30/27 $2,567 $14.00 5/1/18 $2,704 $688 NNN comments: Tenant has a rent concession of one month base rent each May from 2019- Stepped Increases 2024. Totaling six months free rent. Lease is personally guaranteed. #1 Teriyaki A23 1,100 4.4% 10/1/00 4/30/20 $1,830 $19.97 5/1/18 $1,885 $275 1-5 YR NNN comments: Lease is personally guaranteed. 3% Annual Increases FMR 120 Days Notice Pacific Crest Weight Loss Clinic LLC A24 1,100 4.4% 2/17/16 5/31/19 $1,192 $13.00 3/1/18 $1,238 $321 1-5 YR NNN FMR 90 Days Notice Bella Boutique A25 1,100 4.4% 2/13/16 5/12/19 $1,511 $16.48 6/1/18 $1,556 $181 1-3 YR NNN 3% Annual Increases $20.00/SF 180 Days Notice Totals: 24,794 100% $29,872 $14.26 $2,559 Occupied 23,790 96% $28,701 $14.27 Leasable 1,004 4% $1,171 $14.00 This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies. SMOKEY POINT PLAZA 13
Operating Expenses 2017 PROJECTED OPERATING EXPENSES REIMBURSEMENTS Total /SF Notes CAMS $49,342 $1.99 1 $44,959 Property Taxes $42,784 $1.73 2 $39,153 Insurance $3,203 $0.13 1 $2,931 Management Fee $19,530 $0.79 3 $19,793 Reserves $2,479 $0.10 4 Total Expenses $117,339 $4.73 $106,836 Notes: 1) Based on 2017 Operating Budget. 2) Based on 2017 Operating Budget. Amount Includes LID assessment. 3) Based on 4.5% of EGI. 4) Methodology: $0.10/SF. This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies. SMOKEY POINT PLAZA 14
Reimbursements Tenant Name Pro Rata % Pro Rata CAM Pro Rata Property Taxes Pro Rata Insurance Pro Rata Management Expense Totals $49,342 $42,784 $3,203 $19,530 Notes Tenant Totals Taco Time 12.7% $4,231 $5,418 $406 $4,112 1, 2 $14,167 Smokin' 67 4.4% $2,292 $1,898 $142 $1,059 2 $5,391 Mailbox Depot 4.4% $2,292 $1,898 $142 $1,073 2 $5,404 Hi Tek Nails 4.4% $2,292 $1,898 $142 $1,182 2 $5,514 Smokey Point Sewing & Vacuum 4.4% $2,292 $1,898 $142 $982 2 $5,314 Safety Educators Inc. 4.4% $0 $0 $0 $0 $0 Forever Spring Spa 4.4% $2,292 $1,898 $142 $866 $5,198 Mugu Games 12.3% $6,341 $5,253 $393 $2,398 $14,385 Sky Vapor LLC 9.2% $4,756 $3,939 $295 $1,211 2 $10,202 The Sweat Shop 13.0% $6,714 $5,562 $416 $2,539 $15,231 Available 4.0% $2,092 $1,732 $130 $791 $4,745 Big Foot Music 8.9% $4,583 $3,796 $284 $1,540 2 $10,204 #1 Teriyaki 4.4% $2,292 $1,898 $142 $1,098 2 $5,430 Pacific Crest Weight Loss Clinic LLC 4.4% $2,292 $1,898 $142 $866 $5,198 Bella Boutique 4.4% $2,292 $1,898 $142 $866 $5,198 TOTAL 100% $47,050 $40,886 $3,061 $20,584 $111,581 Notes: 1) Tenant pays for water, sewer, garbage directly and is not included in pool. 2) Tenant charged flat 5% of gross rent for management. This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies. SMOKEY POINT PLAZA 15
Lease Abstract PREMISES/TERM TENANT: Accord Inc. dba Taco Time SQUARE FOOTAGE: 3,140 SF OCCUPANCY DATE: June 1, 1994 LEASE EXPIRATION: August 31, 2026 OPTION PERIODS: Tenant has two, five-year option periods given 120 days notice. BASE RENT PERIOD MONTHLY ANNUAL PSF 9/1/2016 8/31/2017 $6,653.17 $79,838.04 $25.43 9/1/2017 8/31/2026 Annual Increases in the amount greater of 3% and the increase in CPI OPTION PERIOD 1 9/1/2026 8/31/2031 Rent Increase based on CPI not to be less than previous rent OPTION PERIOD 2 9/1/2031 8/31/2036 Rent Increase based on CPI not to be less than previous rent PERCENTAGE RENT Tenant pays 5% of sales over a natural breakpoint. Tenant to disclose financials annually. CAMS/UTILITIES Tenant is responsible for their share of all CAM charges and Utilities, including all repair and maintenance to common areas, security, exterior lighting, water, gas, heat, light, power, sewer, garbage and telephone service. RE TAXES Tenant to pay their pro-rata share of all real estate taxes related to the Center including any assessments that are levied upon the Center. INSURANCE Tenant to pay their pro-rata share of all insurance premiums related to the Center including fire or other hazard, liability, and loss of income due to business interruption. MANAGEMENT Tenant to pay Landlord a management fee not to exceed 5% of gross rents. LANDLORD MAINTENANCE OBLIGATIONS Landlord shall be responsible, at their expense, to keep in good order and repair the foundations and structural portions of the exterior walls and exterior roof of the building. TENANT MAINTENANCE OBLIGATIONS Tenant, at their own expense, shall keep in good condition and repair the Premises, including HVAC equipment, plumbing, mechanical, electrical, doors, window frames, hardware, glass, and non-structural ceilings and walls. Tenant will also provide its own janitorial services and replace all lighting. EXCLUSIVES Landlord will not lease space in the Plaza or on any other property the landlord owns in the immediate vicinity to a tenant featuring a Mexican fast food menu. SMOKEY POINT PLAZA 16
Area Intel & Demos ARLINGTON ECONOMY AND GROWTH The City of Arlington is a bedroom community situated in the Stillaguamish River valley just north of Marysville. The area was settled in the late 1800 s and its early economy was largely dependent upon timber. Early settlers constructed sawmills, shingle mills and logging camps to take advantage of the heavily-wooded area. While the Arlington economy is still rooted in timber, recently Arlington has seen substantial population growth largely attributed to residents in search of affordable housing while working in Everett and Seattle. DRIVE TIME DEMOGRAPHICS POPULATION 5-Min 10-Min 20-Min 2010 6,138 34,157 163,739 2016 6,857 37,576 176,310 2021 7,409 41,054 189,747 2016 HOUSEHOLD INCOMES 5-Min 10-Min 20-Min Median $53,042 $65,432 $62,653 Average $62,307 $77,606 $76,980 5 Arlington 20 miles 26 min SMOKEY POINT PLAZA 5 Mins 41 miles 46 min Everett 10 Mins 5 20 mins SEATTLE SMOKEY POINT PLAZA 17
Snohomish County SNOHOMISH COUNTY AREA OVERVIEW As of 2014 the US Census Bureau estimates Snohomish County has a total area of 2,087 square miles and is home to over 759,583 people, making it the third-most populous county in Washington. Several interstates connect Snohomish County to surrounding counties including: Interstate 5, Interstate 405, State Route 9, and State Route 99. INDUSTRY Northern Snohomish County is the manufacturing center of Washington State. Twenty-five percent of the workforce is associated with manufacturing; twice the State average. The assembly of commercial aircraft is significant for the local economy, including both The Boeing Company and the associated supply chain. Southern Snohomish County has a concentration of knowledgeable workers and life science companies. T-Mobile has an engineering technology center with a staff of 600 and Google is planning to open a facility in Bothell that is designed to house 800 workers. Several medical device companies are located in Snohomish county including Philips Healthcare and Sonosite with a combined workforce of 3,000. NAVAL STATION EVERETT Naval Station Everett is located next to the marina in the city of Everett, 25 miles north of Seattle. NAVSTA Everett is home to two Guided-Missile Destroyers with approximately 6,000 Sailors and Civil Service persons assigned to commands. The Naval Station itself has approximately 500 Sailors and Civilians assigned to other posts. A Navy Support Complex is located between Marysville and Arlington. SNOHOMISH COUNTY S LARGEST EMPLOYERS COMPANY SOURCE: ECONOMIC ALLIANCE SNOHOMISH COUNTY ± EMPLOYEES The Boeing Company 38,000 Naval Station Everett 6,500 Washington State (includes colleges) 5,400 Providence Regional Medical Center 3,500 Tulalip Tribes Enterprises 3,200 Snohomish County Government 2,700 Premera Blue Cross 2,400 Everett Clinic 2,150 Walmart 2,056 Everett School District 2,025 Edmonds School District 2,025 Swedish Edmonds Hospital 1,850 Philips Medical Systems 1,800 Marysville School District 1,693 Fred Meyer 1,650 Safeway 1,350 City of Everett 1,327 Fluke Corp. (Danaher) 1,200 Monroe Correctional Complex 1,000 Aviation Technical Services 1,000 759,583 SNOHOMISH COUNTY POPULATION (ESTIMATED) 3rd LARGEST COUNTY BY POPULATION $69,443 AVERAGE HH INCOME
SEAN TUFTS stufts@capitalpacific.com (206) 693-3352 DAVID GELLNER dgellner@capitalpacific.com (206) 693-3349 MICHAEL HORWITZ mhorwitz@capitalpacific.com (503) 675-8381 KEVIN ADATTO kadatto@capitalpacific.com (503) 675-7726 SCOTT FRANK sfrank@capitalpacific.com (503) 675-8383 SEAN MACK smack@capitalpacific.com (503) 675-8378 PETER DUNN pdunn@capitalpacific.com (503) 607-0197 [ Copyright 2017 Capital Pacific LLC ]