February 1, 2023 9:00 AM
Newmark announces it has completed the sales of two retail properties totaling 124,660 square feet located in Kent, Washington and Kennewick, Washington. The assets sold for undisclosed amounts.
Newmark Executive Managing Directors Paul Sleeth and Billy Sleeth represented the private sellers in both transactions.
The first property is a 67,240-square-foot vacant former Tops Foods Grocer located at 26000 100th Place SE in Kent. The property is part of the Canyon Ridge Shopping Center, shadow-anchored by Target, Ross, Old Navy and Petco.
The building’s location at the intersection of SE 260th St and 104th Ave SE provides excellent access and visibility. The property sits only one half mile from State Route 516 and less than three miles from State Route 167, with access to over 249,000 residents within a five-mile radius.
The second property is a 57,420-square-foot single-tenant, NNN leased to Sportsman’s Warehouse and located at 6603 West Canal Drive in Kennewick. The property is within the Colonnade Shopping Center, with tenants including Ross, Best Buy, PetSmart and Michael’s. Sportsman’s Warehouse has successfully operated at this location for over 20 years and recently extended its lease.
The Sportsman’s Warehouse property is less than a mile from State Route 240 and benefits from the interstate’s strong traffic counts and visibility. The surrounding average household income is estimated at $105,000 with expected increase of over 20% by 2026.
According to Newmark Research, retail was the only sector to increase investment sales year-over-year. Investment sales across all property sectors declined 23% year-over-year and 27% quarter-over-quarter in the third quarter of 2022. Even so, it was the second-best third quarter on record.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues of approximately $3.1 billion for the twelve months ending September 30, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 180 offices with nearly 6,700 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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