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4/28/22
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Transnational Management paid $18.4 mil for Skagit Valley Square, a 166.8k sf ($110/sf) retail power center in Mount Vernon, WA. The property, located at 102-310 East College Way, adjacent to Interstate 5 and approximately 25 minutes north of metro Seattle, was sold by Seattle-based Bridge33 Capital.
Formerly anchored by an Albertsons, G.I. Joe's, and a Rite Aid, the property was backfilled with an all-new tenant line-up: Hobby Lobby, Tractor Supply, Goodwill, and Dollar Tree. More than 140k sf was leased-up in an 18-month period—indicative of tenant demand for the shopping center.
Dino Christophilis and Daniel Tibeau with CBRE’s Seattle office brokered the sale.
“The reception from investors for a traditional power center was enormous. The buyer was able to source financing at historically low rates, and the seller was able to capitalize on the property renovations and new tenancy,” said Christophilis.
Nationally, retail property sales gained momentum over the course of 2021, surging to more than $30 bil in the fourth quarter alone, according to CBRE research. The quarterly total was more than double retail property sales volume in the fourth quarter of 2020 and over $10 bil higher than pre-pandemic levels in the fourth quarter of 2019.
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