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Retail Center Sale – Everett, WA June 3, 2010

Posted by Sean Tufts in Retail Sales Comps, Sale.
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A private investor has just purchased the retail center located at 31 SE Everett Mall Way, Everett, WA for $1,600,000.  This 7,600 sf multi-tenant building was built in 2007 in conjunction with an adjacent free standing Bank of Washington branch.  The branch building was not a part of this sale and is owned by the Bank itself.  The building was only 30% occupied at the time of sale and was originally listed for $2.4m in January 2010. 

Bank of Washington, who held the previous construction loan, provided just over $1m of financing on the building to the new owner.  The pro forma CAP rate on leasing the remaining units between $19-24/sf is 9.5%, however this was more of a price per pound purchase.  The newly constructed building was purchased for $210/sf, well below the cost of construction.

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