By Jack Stubbs
On Thursday, June 21st, a Safeway in Monroe, Washington, sold for approximately $13.14 million, according to public records filed with Snohomish County. The buyer was TMY Monroe LLC, an entity affiliated with Ed Mormoto based in Los Gatos, California. The seller, CF Albert Propco LLC, shares the same address as Dallas, Texas-based Cardinal Capital Partners, a real estate investment firm that operates across the U.S. The transaction was recorded on June 26th.
The seller did not respond to calls for comment about the transaction in time for the publishing of this story.
The sale was for three parcels parceling approximately 5.3 acres. One of the parcels, located at 19651 Highway 2 in Monroe, includes a Safeway. Built in 1986, the commercial structure totals 60,536 square feet, according to public documents. The two other parcels included in the transaction—which do not list an address—comprise 1.3 acres of vacant land.
The Safeway property is approximately 18 miles northeast of downtown Redmond, 30 miles from Seattle and half a mile from downtown Monroe. Additionally, the property is roughly two miles from Al Borlin Park and 1.5 miles from access to Washington State Route 522.
Founded in 1988, Cardinal Capital Partners implements flexible capital capabilities and investment and asset management strategies to help its corporate clients reach their financial goals, according to the company’s web site. The company executes on real estate investments across various product types throughout the U.S. and Europe and has acquired over $7 billion of commercial real estate since its founding.
The company also specializes in sales-leaseback transactions, which allow its clients to maintain operational control of strategic assets and helps them benefit from greater liquidity and improved financial metrics. According to Cardinal Capital’s web site, the company has conducted various sale-leaseback transactions with Albertson’s, which is the parent company of Safeway. Some of the company’s other clients include WalMart, 7-Eleven, Barnes&Noble and The Home Depot.