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$16m Market at Lake Stevens Closing. March 15, 2010

Posted by Sean Tufts in Retail Sales Comps, Sale.
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The newly formed REIT out of New York, Retail Opportunity Investment Corp., has closed on their second shopping center in Washington State this year.  This deal also represents the largest retail center sale in the Puget Sound region since the sale of the James Center in Tacoma for $22m in January 2009.

Built in 1999, the Market at Lake Stevens is a 73,000 sf retail center anchored by Haggen Grocery.  The center closed last week for $16,150,000, which equates to an approximate 8.05% CAP rate and $220/sf. 

Grocery-anchored shopping centers continue to be favored by investors and we welcome a new sales comparable in a market that has lacked large stabilized investment sales.  Each new sale reinforces the current market pricing for retail centers and owners of retail centers should not expect to see CAP rates fall below 8% on their current income any time in the near future. 

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