Hanley Investment Spearheads Seattle-Area Retail Deal
- Jun 09, 2020
Hanley Investment Group has closed the $7.7 million disposition of an 11,142-square-foot retail property in Marysville, Wash. Executive Vice Presidents Bill Asher and Jeff Lefko negotiated the deal on behalf of both parties. According to public records, Covenant Real Estate Group sold the asset to a private investor in a 1031 exchange.
Located on a 1-acre parcel at 8820 and 8830 36th Ave., the two-building property was completed in 2018. At the time of sale, the asset was fully leased to six tenants including Starbucks, AT&T and Pacific Dental Services.
Starbucks relocated from a nearby shopping center because it wanted a drive-thru, according to Lefko. Situated close to Interstate 5, the property is 35 miles north of Seattle. Additionally, there are 84,374 people with an average household income of more than $79,500 living within 5 miles of the center, according to Hanley Investment Group data.
In May, the brokerage company finalized the $4 million all-cash transaction of a 6,300-square-foot retail building in Ontario, Calif. Executive Vice President Matt Burnett assisted both parties in the sale.