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Queen Anne Retail Center Closing June 9, 2010

Posted by Sean Tufts in Retail Sales Comps, Sale.
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A 4,395 sf 3 tenant retail center located on the top of Queen Anne Hill has just closed for $1,60,000 ($364/sf).  The property is currently occupied on new 10 year NNN leases to Queen Anne Eye Clinic, Advanced Dentistry & Bella Cleaners.  The center closed at an 8.25% CAP rate, which is higher than would have been expected for its location in one of Seattle’s best neighborhoods.  The higher CAP reflects potential future environmental liability from a previous dry cleaner that would need to be addressed if the property is torn down and redeveloped.

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