June 9, 2020 Comments Off on New Construction Starbucks-Anchored Center Trades in 1031 Exchange Views: 492 Seattle & Pacific Northwest News, Seattle News

New Construction Starbucks-Anchored Center Trades in 1031 Exchange

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Hanley Investment Group Real Estate Advisors arranged the $7.7-million sale of a brand-new construction, 11,142-square-foot multi-tenant retail property located in Marysville, about 35 miles north of Seattle. The asset is adjacent to the Interstate 5 Freeway on/off ramp at 88th Street Northeast.

Located at 8820 and 8830 36th Ave. Northeast, the new, six-tenant property consists of two retail shop buildings, 5,542 square feet and 5,600 square feet, 100% leased to Starbucks with a drive-thru, in addition to Pacific Dental Services, Jersey Mike’s Subs, Dickeys, AT&T and OneMain Financial.

Hanley’s Jeff Lefko and Bill Asher represented the 1031 exchange buyer, an unnamed Seattle-area private investor, and the undisclosed Henderson, NV-based developer and seller.

“There remains an extremely strong demand for this product type in the Pacific Northwest,” said Lefko. “Now, more than ever, investors are more focused on market and retailer fundamentals, corporate long-term leases, and ‘essential services’ types of retailers, specifically those with drive-thrus.”

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