Home Commercial Great Floors Completes Sale & Leaseback in Kennewick, Wash. for $7MM

Great Floors Completes Sale & Leaseback in Kennewick, Wash. for $7MM

Marcus & Millichap, Kennewick, Brown Retail Group, Seattle, Great Floors

KENNEWICK, WADecember 7, 2021 – 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 Great Floors Sale/Leaseback | Kennewick, WA, a 27,000 SF net-leased property located in Kennewick, WA, according to Joel Deis, regional manager of the firm’s Seattle office. The asset sold for $7,019,697 (just shy of $260 per square foot).

Clayton J. Brown, Christopher Edwards and Ruthanne Romero, investment specialists on the Brown Retail Group in Marcus & Millichap’s Seattle office, exclusively represented the seller, a limited liability company.  The buyer, a limited liability company, was also secured and represented by Christopher Edwards, Clayton J. Brown and Ruthanne Romero.

Great Floors Sale/Leaseback | Kennewick, WA is located at 7220 W Okanogan Pl in Kennewick, WA.  This recently constructed Great Floors featured a new 10-year lease and is centrally located in the main retail district of Kennewick, WA. Brown Retail Group’s diverse network of clientele created a competitive transaction that allowed for the Property to be sold above list price. The Property was sold to a California Buyer looking to invest in Eastern Washington and fulfilling a 1031-exchange.

About Marcus & Millichap (NYSE: MMI)

With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors.