December 21, 2020
A single-tenant, net leased grocer property within Walla Walla’s Eastgate Marketplace Shopping Center traded hands for $16.2 million. The 60,026-square-foot building at 450 N. Wilbur Ave. is occupied by a national grocer on a long-term lease.
Newmark’s Matt Berres and Samer Khalil cooperated with Billy Sleeth and Paul Sleeth to represent the seller, an undisclosed publicly traded REIT. The undisclosed, Hawaii-based buyer is a 1031-exchange investor.
Berres says, “Single-tenant properties occupied by major grocers in good locations have continued to be highly sought after by net lease investors across the country.”
Khalil added, “This property checked all the boxes as an ideal net lease investment and traded at an aggressive cap rate for the market due to the strong national tenant and long-term passive lease structure with fixed rental increases.”
For comments, questions or concerns, please contact Dennis Kaiser