Premier Business Centers




The Small Space Marketplace

List Your Space

Find Space

Home About Us Executive Subscriber Membership RENTV Conferences Newsletter Contact Us Advertise
March 28, 2024
 Search RENTV
   Go!
 The REview
 News
News Home Page
Southern California
Northern California
Pacific Northwest
Texas/Southwest
Retail
Multifamily
Financing
Prop. Management
Archives
Press Releases
 R. E. Marketplace
Service Providers
JobWorks
Property Spotlight
 RENTV  Conferences
Subscriber Login:
  
Email      
    Go!
Password      
Forgot Password?



PACIFIC NORTHWEST NEWS
Printer-friendly Version   Email an Associate
Net-Leased Grocery Property in Washington Sells for Over $16 Mil

12/16/20

A 60k sf, single-tenant, net-leased grocer property in Walla Walla, WA sold for $16.2 mil ($270/sf). The building, occupied by a national grocer on a long-term lease, is located at 450 N. Wilbur Ave.

The property is positioned within the Eastgate Marketplace Shopping Center with national and regional retailers including Staples, Harbor Freight Tools and Cascade Farm & Outdoors. It is easily accessible from Highway 12 with five points of entry around the center’s perimeter. Additional major retailers in the area include Walmart Supercenter, Safeway, Grocery Outlet, Home Depot and Hobby Lobby.

Matt Berres, Samer Khalil, Billy Sleeth and Paul Sleeth with Newmark represented the seller, an undisclosed publicly traded REIT. The undisclosed, Hawaii-based buyer is a 1031-exchange investor.

“Single-tenant properties occupied by major grocers in good locations have continued to be highly sought after by net lease investors across the country,” said Berres. “We continue to see competitive bid processes and aggressive pricing in the grocery space due to the dearth of inventory available.”

The property, situated on a prominent retail corridor, is occupied by the third largest grocer in the U.S. with a long-term commitment and fixed annual rental increases. Walla Walla is in southeast Washington at the base of the Blue Mountains and the city serves as the hub of Walla Walla County’s economy with a diverse mix of healthcare institutions, industrial manufacturing, agriculture, tourism and higher education facilities. The city is known for wine production, with over $100 mil in revenue directly related to the wine industry on an annual basis.






Return to the Archive page


 
 
 


 
 



Home | About Us | Newsletter | Contact Us | Executive Subscriber Membership | Executive Subscriber Home | Advertise
Southern California | Northern California | Pacific Northwest | Southwest | Retail | Multifamily | Financing | Property Management
Archives | Press Releases | Service Providers | JobWorks | Property Listings

Copyright © 2024 by RENTV, All Rights Reserved
Website designed by Regency Web Services, Inc. and powered by Lightning Media