August 22, 2019
Hanley Investment Group Real Estate Advisors arranged the sale of a brand-new two-tenant, retail building occupied by a Starbucks with a drive-thru, and Pacific Dental Services supported dental office at a WinCo Foods-anchored shopping center in Federal Way. The sale price was $3,732,000, representing a record low cap rate for a multi-tenant retail pad building in the Pacific Northwest, and a record low for this year outside of California.
Hanley Investment Group’s Jeff Lefko (a Connect Media 2019 Next Generation honoree) and Bill Asher represented the seller, an affiliate of Henderson, NV-based Covenant Real Estate Group. The unnamed Kirkland, WA-based buyer paid all-cash and was represented by Orion Commercial Partners’ Scott Clements.
The new, 4,980-square-foot freestanding pad building, which was completed in 2019, sits on 1.16 acres at 164 S.W. Campus Dr. Starbucks occupies 2,104 square feet under a brand-new corporate-guaranteed lease. The Pacific Dental Services-supported dental office occupies 2,876 square feet under a brand-new lease.
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