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Company newsNewsWashington

Starbucks Plans to Open 2,000 New Stores by 2025, Invest $450 Million in Existing US Locations

by Katie Sloan

Seattle — Starbucks Coffee (NASDAQ: SBUX) has announced plans to open 2,000 stores by 2025 and invest $450 million in its North American real estate, which will include the modernization of existing locations across the U.S.  The announcement took place during the company’s 2022 Investor Day conference in Starbucks’ home town of Seattle. The company’s reinvention plan includes the implementation of a store design that streamlines work behind the counter, enabling better connection with the customer. Starbucks also plans to reorganize its real estate portfolio to include a greater number of pick-up …

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Lynnwood-Crossroads-Lynnwood-WA
Investment salesNewsWashington

Sterling Realty Sells Lynnwood Crossroads Shopping Center Located Outside Seattle for $45 Million

by Katie Sloan

Lynnwood, Wash. — Sterling Realty Organization has sold Lynnwood Crossroads, a grocery-anchored shopping center located roughly 16 miles north of Seattle in Lynnwood, for $45 million. Pete Bethea, Glenn Rudy and Rob Ippolito of Newmark represented the buyer, Sakioka Farms, in the all-cash 1031 exchange transaction. Billy Sleeth and Paul Sleeth, also of Newmark, represented the seller. The 103,141-square-foot property was fully occupied at the time of sale by tenants including Sprouts Farmers Market, LA Fitness, Starbucks Coffee, Jersey Mike’s Subs, Five Guys, The Joint Chiropractic, Great Clips and Qdoba.

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Hilltop-Retail
FinanceInvestment salesNewsWashington

NorthMarq Secures $2.5 Million Acquisition Financing for Retail Property in Metro Seattle

by Katie Sloan

Woodinville, Wash. — NorthMarq has secured $2.5 million in financing for the $6.9 million acquisition of Hilltop Retail Center, a 15,094-square-foot property located roughly 20 miles northeast of Seattle in Woodinville. The center was constructed in 2008 at 15610 Woodinville-Duvall Road and was fully leased at the time of sale. Bob Spiro and Scott Moline of NorthMarq secured the permanent-fixed loan, which features a 20-year term, on behalf of the undisclosed borrower through a life insurance company. 

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Retail-Center-Marysville-WA
FinanceInvestment salesNewsWashington

Crescit Capital Secures $21.8 Million Acquisition Loan for 220,000-Square-Foot Retail Property in Metro Seattle

by Katie Sloan

Marysville, Wash. — Crescit Capital Strategies has secured a $21.8 million fixed-rate bridge loan for the acquisition of a shopping center located in Marysville, roughly 34 miles north of Seattle. A private seller sold the center to a private buyer for an undisclosed price. Crescit originated the four-year loan with a one-year extension option. The lender was not disclosed. The grocery-anchored property features 220,000 square feet of retail space.

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Skagit-Valley-Market-Mount-Vernon-WA
Investment salesNewsWashington

Bridge33 Capital Sells 166,800-Square-Foot Retail Property in Washington for $18.4 Million

by Katie Sloan

Mount Vernon, Wash. — Bridge33 Capital has completed the $18.4 million disposition of Skagit Valley Square, a 166,800-square-foot power center located at 102-310 E. College Way in Mount Vernon, to Transnational Management. Dino Christophilis and Daniel Tibeau of CBRE’s Seattle office brokered the transaction. Formerly anchored by Albertsons, G.I. Joe’s and Rite Aid, the property was recently backfilled with a new tenant roster including Hobby Lobby, Tractor Supply, Goodwill and Dollar Tree.

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Park Place
FinanceNewsWashington

IPA Arranges $23.4 Million Acquisition Loan for Park Place Retail Property in Metro Seattle

by Julia Sanders

Tukwila, Wash. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged a $23.4 million acquisition loan for Park Place, a regional strip center in Tukwila, about 12 miles from Seattle. Ray Allen of IPA’s Seattle office secured the 10-year financing, which features a loan-to-value ratio of 65 percent and a 3.5 percent interest rate. Built in 1996, the property features 153,454 square feet of retail space, and is located at 17501 Southcenter Parkway. Current tenants include JoAnn Fabrics, K&G, HomeGoods, Ashley Homestore and PetSmart. The buyer …

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LeasingNewsWashington

Marcus & Millichap Negotiates Sale-Leaseback of 46,000-Square-Foot Great Floors-Occupied Property in Eastern Washington

by Julia Sanders

Spokane Valley, Wash. — Marcus & Millichap has arranged the sale-leaseback of a retail property located at 13708 E. Indiana Ave. in Spokane Valley. A limited liability company sold the property to a California-based 1031 exchange buyer for $8 million. Great Floors occupies the 46,000-square-foot property on a net-lease basis. This is the fourth Great Floors property to close in a series of five sale-leaseback transactions in Washington and Idaho. Clayton Brown, Christopher Edwards and Ruthanne Romero of Brown Retail Group in Marcus & Millichap’s Seattle office represented the seller …

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Safeway
Faris Lee InvestmentsNevadaNewsWashington

Faris Lee Arranges Sales of Two Grocery Stores in Nevada, Washington for $22.4 Million

by Julia Sanders

Henderson, Nev. and Millwood, Wash. — Faris Lee Investments has brokered the $22.4 million sales of two single-tenant grocery stores totaling 106,254 square feet in Nevada and Washington. Jeff Conover and Scott DeYoung of Faris Lee Investments represented the undisclosed buyers and seller, a Southern California-based family private office, in the deals. The transactions included the disposition of a 58,254-square-foot Albertsons property in Henderson, roughly 16 miles outside Las Vegas; and a 48,000-square-foot Safeway in Millwood, roughly 8 miles outside Spokane.

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Carillon Point
FinanceNewsWashington

Gantry Arranges $190 Million in Financing for Carillon Point Mixed-Use Property Near Seattle

by Julia Sanders

Kirkland, Wash. — Gantry has arranged a $190 million loan to recapitalize the Carillon Point mixed-use campus in Kirkland. Mike Taylor and Patrick Taylor of Gantry’s Seattle office secured the 15-year loan, which was placed with Principal Real Estate Investors. The name of the borrower was not released. Fronting Lake Washington, the 26-acre property features a mix of Class A office space, a boutique hotel, retail space and a 200-slip marina. Carillon Point totals six buildings and offers 440,000 square feet of mixed-use space, including the 100-room hotel.

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881 SE Everett
Investment salesNewsWashington

Marcus & Millichap Negotiates $5.8 Million Sale of Retail Property in Metro Seattle

by Julia Sanders

Everett, Wash. — Marcus & Millichap has arranged the sale of a retail center located at 811 S.E. Everett Mall Way, roughly 25 miles north of Seattle in Everett. A limited liability company sold the center to an undisclosed buyer for $5.8 million. Trader Joe’s, Dollar Tree, T-Mobile and Olympic Hot Tub occupy the 24,800-square-foot retail property. Trader Joe’s has been at this location for more than 25 years and recently extended its lease. Clayton Brown and Ruthanne Romero of Brown Retail Group of Marcus & Millichap represented the seller …

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