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Year End Retail Sales – Two Different Markets January 10, 2011

Posted by Sean Tufts in Research/Data, Retail News, Retail Sales Comps.
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A Walgreen’s and a multi-tenant retail center closed prior to the year end highlighting the two very different markets that were experienced in 2010.  The Walgreen’s was a brand new smaller format building located in Tukwila north of SeaTac on Hwy 99.  The building sold for $5,670,000 which represents a 6.7% CAP rate.  That rate is 100 basis points lower than the last two new Walgreen’s that sold in the Puget Sound.  The Walgreen’s in Renton and Lake Stevens that both closed this year sold for 7.65% & 7.61% CAP rates.  The $574 price per square foot was also higher based on the smaller square footage of the building.

On the other hand, the Alderwood West retail center sold for $3,530,000.  The property was originally listed in March 2009 for $4,950,000.  The sales price is actually 10% less than the price it sold for in 2003!  To the best of our knowledge and research the property was 80% occupied and sold at an 8.11% CAP rate based on actual income.  The proforma CAP rate is well above 10% with a price per square foot of $152.

Stay tuned to next week when we will be releasing our 2010 retail data for the Northwest.

 

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