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2/06/25
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A commercial property consisting of two retail buildings totaling 175.6k sf of space on a 9.39-acre site in Spokane, WA traded hands in a $10.2 mil transaction. The buyer was Burlington North LLC, a local development group lead by Ben Hawkins and Kevin Edwards.
Located at 5830 N Division St in Spokane, the property has a 158.3k sf retail building that is occupied by Burlington. The building is two stories with three loading docks and high clear heights. The buyers are considering a variety of redevelopment options. The second building, containing 17.3k sf of space, is leased to Rite Aid.
CBRE’s Yohar Renaud, Kyle Herting and Sydney Dixon brokered the transaction on behalf of the seller, Burlington Stores Inc. Burlington is expected to relocate to a smaller space in Franklin Park Shopping Center.
“This deal's expedited timeline highlights the strong demand and competitive nature of today's retail market. Assets like this that are well-positioned and adjacent to grocery-anchored shopping centers are highly coveted,” noted Renaud.
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