BURLINGTON, WA, April 7, 2023 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Cross Court Plaza, a 70,260-square foot retail property located in Burlington, WA, according to Joel Deis, regional manager of the firm’s Pacific Northwest offices. The asset sold for $12,925,000 ($184 per square foot; Merlone Geier Partners was the seller of the property).
The buyer was secured and represented by Eric M. Garske, an investment specialist in Marcus & Millichap’s Portland office with the assistance of Joel Deis. The buyer, a private investor from Texas, completed the purchase as part of a 1031 tax deferred exchange after selling residential land in Texas. Both Texas and Washington are income-tax-free states and, therefore common states for like-kind exchanges.
Cross Court Plaza is a 70,260-square-foot shopping center located at 199 Cascade Mall Dr. in Burlington, WA. The property was 87 percent occupied at the time of sale and sold for over a 7 percent capitalization rate. The property to the south, Cascade Mall, is also for sale.
About Marcus & Millichap (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2022, the company had 1,904 investment sales and financing professionals in 81 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 12,272 transactions in 2022, with a sales volume of approximately $86.3 billion. For additional information, please visit www.MarcusMillichap.com.