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1/20/20
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An 86.5k sf, single-tenant net-lease property occupied by a newly opened At Home in Spokane, WA sold for $10.24 mil ($118/sf). The property, situated on 7.99 acres at 7619 N. Division St, was purchased by a private investment group from Beverly Hills.
The property is a former Costco building, which was remodeled in 2019 to accommodate the new tenant. At Home had a brand-new, long-term lease. Other major retailers in the immediate area include Walmart, Target, Lowe’s, Albertsons, Big Lots, Burlington, Grocery Outlet, Harbor Freight, Hobby Lobby, Home Depot, Michaels, PetSmart, Ross Dress for Less, Safeway, T.J.Maxx, Total Wine & More, Trader Joe’s and WinCo Foods.
Bill Asher, Jeff Lefko and Ed Hanley with Hanley Investment Group Real Estate Advisors represented the seller, Rich Development of San Pedro. The all-cash, SoCal exchange buyer was repped by Mark Thiel of Marcus & Millichap.
At Home is a big box home décor superstore and one of the fastest-growing retailers in America. (The National Retail Federation ranked At Home #8 in its ranking of the "Fastest Growing Retailers in America" in 2019.) At Home offers more than 50,000 on-trend unique items across broad product categories including furniture, garden, home textiles, housewares, patio, rugs, tabletop decor, and wall décor along with a large portion of its space dedicated to seasonal decor.
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