By Jack Stubbs
On Wednesday, December 19th, a Safeway property in Kent, Washington sold for $17.9 million, or approximately $299 per square foot, King County records show. The buyer was Pleasanton Kent Grocery LLC, an entity based in Dallas, Texas. The seller was CF Albert Propco LLC, an entity that shares the same address as Texas-based real estate investment firm Cardinal Capital Partners.
The subject property, located at 13101 SE Kent-Kangley Road, contains a 59,813 square foot Safeway store built in 2002. Sitting on 6.92 acres, the property also includes a gas station, according to public documents.
Sitting adjacent to State Route 516, the property is roughly six miles southeast of Kent and fourteen miles southeast of SeaTac. The asset is also approximately eight miles north of Auburn.
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.
Cardinal Capital Partners’ sale of the Kent Safeway comes several months after the company sold another Safeway in Monroe, Washington—located at 19651 Highway 2 in Snohomish County—for $13.14 million to TMY Monroe LLC, an entity based in Los Gatos, California.
Cardinal Capital Partners 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 the company’s web site, it 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.
In mid-July 2018, another Safeway property changed hands. On July 18th, a 524,636 square foot Safeway Distribution Center in Auburn—located at 2921 C St. SW—sold for $144.5 million, or approximately $275 per square foot, with Deutsche Asset & Wealth Management in San Francisco acquiring the property from Safeway, Inc. based in Idaho.