SEATTLE, WA – JUNE 11, 2018 – CBRE Capital Markets has arranged the sale of the Best Buy/Party City, a completely renovated, 69,415 square foot retail center located in Silverdale, Washington for $16,100,000.
Dino A. Christophilis, Senior Vice President in CBRE’s Seattle office, along with members of CBRE’s National Retail Partners (NRP) team, led the local efforts on behalf of Cadence Capital in their sale of the property to a national owner specializing in net leased retail investment acquisitions. Phil Voorhees, James Slusher, and other members of the West Coast NRP team assisted in marketing the property.
“The asset fits well within the buyer’s net leased portfolio from an initial yield perspective,” stated Christophilis. “Best Buy continues to perform well at this location, and the property has potential for construction of a single or multi-tenant addition on the outparcel.”
Located at 9551 Ridgetop Blvd NW in what is considered the retail hub of the Kitsap Peninsula, the complex benefits from regional customer draw of neighboring retailers.
“The demographics of Silverdale are among the most desirable in Kitsap County in terms of income, employment and population,” said Christophilis. “The household income and the median home price in Silverdale ties for the second in the county.”
The growth that the localized population has experienced, coupled with the average household income growth in the area, provide an excellent opportunity for the buyer.
About Cadence Capital
Cadence Capital is a boutique development and investment firm with operations throughout the West but concentrated on the Northwest, California and Rocky Mountain Markets. Founded in 2001, Cadence today has expertise in development —from build-to-suit, shopping centers, and value-add projects, to re-development and re-invigorated renovations of entire city blocks. Please visit our website at http://cadencecap.com
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.