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7/28/21
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Hazel Dell Towne Center, a 264k sf, Kohl’s-anchored power center located in Vancouver, WA, was purchased by Transnational Management for $28.84 mil ($109/sf). The property was sold by a partnership managed by Pine Tree.
Hazel Dell Towne Center is located at 8801 N.E. Hazel Dell Ave. The property is 87% leased to Kohl’s, Office Depot, Petco, Party City, Gold’s Gym, Craft Warehouse, America’s Best Massage Envy, among others, and is shadow anchored by Target. The center is occupied by 21 local and national retailers.
Built between 2005 and 2007, the center sits on 23 acres and benefits from over 1,150 feet of frontage along Interstate 5, where traffic counts exceed 97,000 vehicles per day.
Philip D. Voorhees, Jimmy Slusher and James Tyrrell of CBRE’s National Retail Partners (West), along with Dino Christophilis and Daniel Tibeau of CBRE’s National Retail Partners (Northwest), represented the seller in the transaction.
“The Vancouver submarket is steadily growing while demand for performing suburban power centers remains strong post COVID,” said Christophilis. “Hazel Dell Towne center checks all the boxes with upside through stabilization and NOI growth.”
Hazel Dell Towne Center is comprised of daily needs and COVID-resistant tenancy, which pulls customers from a large regional basis—183,900 people in a five-mile radius— from Washington and across the Columbia River in Oregon, noted Slusher. The listing generated 13 offers.
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