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June 22, 2024
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Net-Leased Grocery Property in Washington Sells for Over $16 Mil


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.

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