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March 28, 2024
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Two-Tenant WA Retail Asset Traded for $16 Mil

6/19/18

A completely renovated, 69.4k sf retail center in Silverdale, WA sold for $16.1 mil ($232/sf). The property, occupied by Best Buy and Party City, was purchased by a national investment entity that specializes in net-leased retail properties.

Located at 9551 Ridgetop Blvd NW in what is considered the retail hub of the Kitsap Peninsula, the complex benefits from regional customer draw of neighboring retailers. The property offers the potential for construction of a single or multi-tenant addition on the outparcel.

Dino A. Christophilis, Senior Vice President in CBRE’s Seattle office, along with members of CBRE’s National Retail Partners (NRP) team, repped the seller, Cadence Capital.

"The demographics of Silverdale are among the most desirable in Kitsap County in terms of income, employment and population," said Christophilis. "The household income and the median home price in Silverdale ties for the second in the county."





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