Colliers Closes Washington Retail Deal
- Mar 18, 2020
Colliers International has negotiated the sale of a 17,384-square-foot, single-tenant retail property in Hoquiam, Wash. The Rite Aid-leased asset sold for $7.5 million at a cap rate of 7.5 percent. The Colliers team which linked the buyer and seller—two private investors—included Senior Vice President Reza Ghobadi and Associate Vice President Ryan Marn.
The drugstore has 11 years remaining on its triple-net lease, with six five-year renewal options. Located on 2 acres at 3130 Simpson Ave. at the intersection with Myrtle Street, the single-tenant building came online in 2008. The property is 1 mile from Grays Harbor community hospital and within 5 miles of the coastal Washington towns of Aberdeen and Cosmopolis. The surrounding area is home to a number of other national retailers, including 7-Eleven and Dollar Tree.
In January, a different Colliers team brokered the $30.9 million sale of Sutter Square, a 174,689-square-foot office asset in Concord, Calif. Meridian sold the property after a three-year hold.