Home Commercial 34,400 SQFT Retail Property in Sumner Sells for $10.8MM

34,400 SQFT Retail Property in Sumner Sells for $10.8MM

By Jack Stubbs

On February 13th, in a transaction that was recently recorded, a four-parcel property—on which sits a 34,400 square foot retail/hardware building—sold for $10.8 million, Pierce County records show. 

The buyer shares the same address as Hansen Bros, a moving and storage company based in Seattle. The seller was CNR Sumner WA Landlord LLC, an entity affiliated with SunTrust Robinson Humphrey, a firm headquartered in Atlanta, GA. 

The transaction included a four-parcel property totaling just over five acres and  located at 1111 Fryar Ave., according to public documents. On one of the parcels sits a 34,400 square foot retail property built in 1981. The building is 100 percent occupied by McLendon Hardware, according to the listing on loopnet.com, with a lease ending in April 2037. 

Located in downtown Sumner, just blocks from various amenities including the Sumner Pierce County Library, the store is roughly four miles northeast of Puyalliup via State Route 512 and about ten miles from downtown Tacoma to the west. 

Additionally, the property is roughly half a mile from the Sumner Station Commuter Rail and four miles from the Puyallup Station Commuter Rail. 

Hansen Bros. Moving and Storage has a long history in Seattle and the Pacific Northwest, dating back more than a century. In 1890, Peter Hansen founded his company in Seattle’s historic Pioneer Square neighborhood to haul freight and baggage, according to the company’s web site, and more contemporarily the company operates multiple facilities with a fleet of trucks, modern storage space and exclusive moving-related services. Some of Hansen Bros.’ offered services include portable self-storage, employee and office relocation and industrial moving. 

Sitting in the heart of the Kent Valley and roughly thirty miles south of Seattle, Sumner has long been regarded as one of the Puget Sound region’s hubs of industrial activity. In early February, Indianapolis-based Duke Realty spent $36.1 million, or approximately $158 per square foot, to acquire a roughly 228,200 square foot industrial/warehouse property located at 4800 E Valley Highway East. 

In late December 2019, Sumner Distribution Center ILP LLC, an entity affiliated with Bentall Kennedy’s office based in San Francisco, acquired a 282,899 square foot warehouse/distribution center—located at 3101 W. Valley Hwy. E.—or for $41.05 million, or approximately $156 per square foot, from Auburn-based Island Kidz LLC.