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Sequim Marketplace Sale November 10, 2010

Posted by Sean Tufts in Retail Sales Comps, Sale.
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The 60,000 square foot Sequim Village Marketplace was recently purchased for $11,890,000 making it the second largest retail center transaction of the year in the Puget Sound (close to the Puget Sound actually).  The portion of the project that was sold was anchored by Petco and Office Depot with additional shops and pad buildings.  There was additional land included in the sale that supposedly had tenants lined up to occupy.  The property is adjacent to Costco, Home Depot and Ross, which are not a part of the sale.  The center sold at an approximate 8% CAP on the existing income stream with upside in the additional land ready for development and a price per square foot of roughly $190.

The center was developed by Madison Development and opened in 2006.  Click here for a pdf site plan.

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