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10/17/18
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Triangle Center, a 260.6k sf community center in Longview, WA, was acquired by a private investor for $38.3 mil, or $147/sf. The asset was sold by Highlands REIT, a Chicago-based investment trust.
Built in 2004, Triangle Center is situated on 36.9 acres of land at 1015 Ocean Beach Hwy in Longview, roughly one hour north and west of Portland. It is 98% leased to high performing, national and regional credit tenants including Winco Foods (not a part), Ross Dress for Less, Bed Bath & Beyond, Michaels, Petco, Rite Aid, Ace Hardware, Ulta Beauty, Big 5, Office Depot along with Five Guys, Great Clips, GameStop and others.
Jimmy Slusher, Kirk Brummer, James Tyrrell, Dino Christophilis, Alex Martinac and Philip D. Voorhees with CBRE’s National Retail Partners-West team represented the seller in the transaction. The buyer, out of San Diego, was completing a 1031 exchange. CBRE’s Debt & Structured Finance team led by Shaun Moothart and Danielle Priore exclusively advised the buyer in procuring debt financing for the acquisition.
“Our team canvassed the debt market to drive leverage to a 72.5 percent loan-to-value, at a 154-spread with multiple years of interest only, maximizing the buyer’s levered cash on cash returns,” said Moothart.
“Private capital investors snapping up institutional-quality shopping centers around the west is certainly a theme in 2018,” said Voorhees. “Our team sourced a high-net-worth family office investor, based in San Diego, completing a 1031 exchange for Triangle Center. The buyer’s offer was more competitive in price and terms than both institutional and well-known regional investors active in the Pacific Northwest.”
CBRE’s marketing efforts produced more than 284 confidentiality agreement/offering memoranda distributed and through the team’s “managed bid” offer process, generated multiple offers to purchase the property, according to Slusher.
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