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Retail Center Short Sale. July 21, 2010

Posted by Sean Tufts in Retail Sales Comps, Sale.
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One of the first successful retail center short sales in the Puget Sound closed last week.  The 100% vacant Freeway Center finished construction in 2009 and unfortunately missed the window to lease the project up at rents that would have made the project successful.  After being marketed for roughly 9 months at $3,250,000 ($190/sf) the center was finally purchased for $1,975,000 ($116/sf), less than the estimated $2.1m of debt on the property.  The buyer was in an exchange and is an experienced retail owner and has just begun marketing the property for lease at $15/sf, approximately 40% less than originally expected.

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