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Cathay Bank Sells Steele St. Retail Center April 29, 2010

Posted by Erik Swanson in Retail Sales Comps.

Cathay Bank sold a 9,424 square feet retail center in Lakewood, WA yesterday for $1,350,000. The center was purchased at the height of the market in March 2007 for $3,375,000 (6.5% CAP Rate). Cathay Bank foreclosed on the property in February of this year.  The building is 37% occupied with three retail tenants on triple net leases. This center is recently notorious for being the location where four Lakewood Police Officers were shot and killed in an ambush at Forza Coffee.



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